Why Did Everscale (EVER) Token Fall?

The price of EVER token fell by 20% as the Everscale team claimed that the tokens were stolen. However, such incidents in the crypto world are always approached with skepticism. Some members of the community believe that this is not a hack but a rug pull.

At the time of writing, the price of EVER was 18% lower than the previous day. With a market cap of $50.4 million, the altcoin ranks among the top 400 cryptocurrencies. Everscale is referred to as the “most scalable blockchain” on the project’s website. In their announcement from the X account, the team wrote:

“Unfortunately, a large number of EVER tokens have been stolen. We are closely working with the exchanges where EVER is listed to stop further token outflows. Please remain calm and do not panic. We have temporarily severed the connection of Octus Bridge to stop the actions of those responsible. Our investigation is ongoing, and we will share more details when the situation becomes clearer.”

Hacks in Cryptocurrencies

Investors who are not unjustified in their concerns about rug pulls have not been able to receive a satisfactory response from the Everscale team. The fear that bear markets can encourage such scams in medium and small-scale projects has been voiced for a long time. Altcoin teams that cannot raise funds and see their token prices drop can fill their pockets by disguising their tokens as hacks.

A few hours ago, we saw that around 5 hot wallets of the Fantom Foundation were hacked as well. Such incidents can be caused not only by cyber attacks but also by internal disagreements, as in the case of PEPE Coin. Although the Fantom Foundation claims that most of the assets are in cold wallets, millions of dollars’ worth of tokens were withdrawn from around 5 wallets.

We can see that the price of FTM Coin has also experienced double-digit losses like EVER Token. If the attackers quickly sell these tokens, significant sell-offs would not be surprising. At the time of writing, FTM Coin had dropped by 5% in the last 24 hours and was trading near its daily low.