The cryptocurrency Wall Street Memes (WSM) has suffered a significant hack, leading to a sharp drop in its altcoin price. The motto of WSM, “the ultimate expression of the internet’s victory over rampant capitalism,” did not protect it from being targeted by hackers.
Spot On Chain, a blockchain data provider, reported that the price of WSM plummeted by approximately 35% in 24 hours following the hack. The attackers stole 769.4 million WSM tokens from the WSM stake contract and began selling them on exchanges like Uniswap and MEXC for Ethereum (ETH).
Currently, the hacker holds around $3.58 million worth of WSM across 17 wallet addresses, indicating that the selling pressure is likely to continue, potentially causing further drops in the altcoin’s value.
In response to the attack, the project has halted its WSM liquidity pool, and central cryptocurrency exchanges have locked WSM trading pairs to avoid the hack’s impact.
Recent data shows that WSM’s value has decreased by 23.56% in the last 24 hours, trading at $0.009091. Although the price has somewhat recovered since the immediate aftermath of the hack, the threat of further decline persists. The altcoin’s trading volume has surged, with a 111% increase in the last 24 hours, reaching $11.22 million. The current price is now 90.57% below its all-time high recorded on September 30, 2023.