Crypto

Marvel NFT partner Veve closes its marketplace after an in-app token exploit

Veve, a nonfungible token (NFT) marketplace with licensed digital collectibles, faced an exploit on Tuesday, resulting in millions of gems (in-app tokens) being acquired illegally. The platform is quite popular among mainstream brands such as Marvel, Pixar, and Coca-Cola, which have chosen Veve as their official launch partner.

In an official tweet published on Wednesday, Veve acknowledged the exploit on its platform and said that the attackers managed to acquire a “large amount” of gems illegitimately. The app-based NFT platform has shut the marketplace along with the gems purchase option until the investigation is complete.

Gems are the VeVe in-app token that users exchange for collectibles during drops or in the Market. Early reports suggest that the exploiters behind the attack managed to mint millions of gems without having to pay for it by exploiting a bug in buying mechanism. One user wrote that their friend accidentally purchased gems using an expired credit card and the transaction went through.

The platform has also restricted several user accounts that reportedly tried buying the cheap gems from fraudulent accounts. While the NFT platfrom didn’t disclose the exact amount of gems that were exploited, a Twitter user has claimed the figure could be in millions and might be the biggest heist on the platform. Veve didn’t respond to Gist Vile’s requests for comments at the time of publishing.

Related: Nifty News: Wolf snaps up Punk, Disney NFTs, Economist mag cover fetches $422K…

The Twitter user also shared a timeline of events of the exploit where Veve first registered the largest three-day buying of the in-app token gems, followed by a crash in the price of the token off-app by half, falling from 0.5 to 0.25 and then the marketplace went into maintenance.

The gem exploits on Veve also resulted in a massive decline in the price of the listed NFTs on the platform, where one user realized why their NFT value plunged by 80% within a week after Veve’s official Twitter post.

via

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