The end to hack attacks targeting the cryptocurrency world is not in sight. Hackers most recently targeted the staking contract of Wall Street Memes (WSM), created under the motto “the ultimate expression of the internet’s victory against rampant capitalism.” Following the hack attack, the altcoin’s price sharply fell.
Hacker Actively Selling Wall Street Memes’ WSM Tokens
On-chain data provider Spot On Chain reported that after the hack targeting Wall Street Memes’ WSM staking contract, the altcoin’s price dropped by approximately 35% in the last 24 hours.
In the hack attack, a wallet address starting with 0xb52… stole 769.4 million WSM tokens from the WSM staking contract and began selling the stolen tokens on Uniswap and MEXC exchanges for Ethereum (ETH). Currently, the hacker has 369.2 million WSM tokens worth $3.58 million in 17 wallet addresses, indicating that the selling pressure will continue and the altcoin’s decline will persist.
At this point, it should be noted that the project has halted its WSM liquidity pool and locked WSM trading pairs on centralized cryptocurrency exchanges to avoid the impact of the hack.
Current Status of Wall Street Memes’ WSM
According to the latest data, Wall Street Memes’ WSM has seen a 23.56% decrease in the last 24 hours, trading at $0.009091. Following the hack, the altcoin’s price dropped to as low as $0.00608. Although WSM’s price has recovered slightly since then, the risk of further decline remains.
Additionally, the sharp decline in WMS’s price has led to a significant increase in the altcoin’s trading volume. According to CoinMarketCap data, the altcoin’s trading volume has increased by 111% in the last 24 hours, reaching $11.22 million.
Looking at past data, it is observed that the all-time high for WSM was recorded on September 30, 2023, at $0.07971. With the current price levels, the altcoin‘s price is now trading 90.57% below its all-time high.
