NFT app Veve shuts down app following an in-app token exploit By BTC Peers
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NFT app Veve is shut down after an in-app token exploitAfter an exploit that allowed for the illegal purchase of millions of in-app gem tokens, Veve’s popular NFT marketplace has been temporarily shut down.
NFT Marketplace, which is well-known for selling licensed digital collectibles by mainstream brands such Marvel, Coca-Cola, and Pixar (NYSE:), confirmed the exploit via a Wednesday tweet. The company said that the attackers were able to acquire a “large amount” of gems. The company shut down the in-app market and the ability to purchase gems, until further investigation.
We have temporarily closed the Market and Gem purchase, as well as transfers, while we investigate. As soon as possible, we will inform you about the anticipated opening date.
— VeVe | Digital Collectibles (@veve_official) March 23, 2022
Gems are Veve’s in-app tokens, with one gem being equivalent to one dollar. Gems are required to be purchased first before you can purchase collectibles.
An earlier report claimed that attackers had been able to free millions of gems by exploiting an error in the purchasing system. A user claimed that his friend could buy gems using an expired credit card.
From what I heard someone was informed by their friend they accidentally purchased gems with an expired credit card and the transaction went through anyway. So it sounds more like an expired credit card exploit than stolen credit cards. No confirmation by Veve yet though.
— 🇺🇦⭕Garlic Shrimp⭕🇺🇦🧄 🦐 (@GARLICxSHRIMP) March 22, 2022
Several users tried to purchase cheap gems using fraudulent accounts after the incident. Veve still has not disclosed the total number of gems created in this exploit. However, a Twitter user (NYSE:) claimed the number could reach into the thousands and that this might be the largest exploit on Twitter.
The Twitter user goes on to share a timeline of events following the exploit – from when the platform first noticed the largest 3-day buying of gems to a crash in the price of the token by half.
…. Apparently, 7M of the gems purchased fraudulently were stolenMultiple accounts have been disabled by Veve. This will force Veve to retrieve those gems. It will also be their largest exploit yet.
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