The VeVe Face $GEM purchase exploit that left the market in tatters has been fully realized, as a new wallet is now available to help users regain access to their funds.

A “coinjournal” article explains the VeVe Face $GEM Purchase Exploit that leaves the market in tatters. The exploit allowed users to purchase Gems for $0.00 with a credit card and then sell them back for a profit.

VeVe Face $GEM Purchase Exploit That Leaves Market in Tatters

The VeVe NFT marketplace, which is used by companies like Pixar, Marvel, and Coca-Cola to launch their licensed digital collectibles, was hit by an exploit that resulted in the theft of millions of $GEM tokens. The exploit gained attention when it resulted in the largest-ever buy volume of $GEM tokens over a three-day period, with sources estimating a total of 7-9 million $GEM seized.

The platform revealed in a tweet that the exploit happened around March 22nd, and that as a result, it had no choice but to shut its marketplace, as well as the opportunity to buy $GEM, until the investigation is completed.

The effects of the illegitimate market have been felt by both $GEM and VeVe-hosted NFT holders, as the $GEM off-app price has dropped by half, while the prices of NFTs listed on the platform have also dropped significantly, with one perplexed collector claiming that the price of their Secret Rare Goofy NFT has dropped by 80%.

VeVe has yet to confirm the reason for the exploit in the days since the scandal broke, but community discussions in the aftermath have suggested that the exploit may have been centered around a ‘expired credit card’ bug, which would’ve essentially allowed the perpetrator to mint $GEM tokens for free by using an inactive credit card. 

Despite claiming to keep its marketplace closed until the inquiry is complete, VeVe reopened its services two days after the exploit, despite the fact that the investigation is still underway.

 

Related Tag

  • journal crypto