In the last 24 hours, $VOW has suffered a dramatic 50% drop in value after Cyver Alert released a concerning report today.
The report revealed that on August 13, 2024, Cyver’s monitoring system detected several suspicious transactions involving the Vowcurrency (@Vowcurrency) network.
According to Cyver Alert, the attack was meticulously planned, with the malicious contract being deployed 112 days ago.
On August 13th, the attacker executed two hack transactions, resulting in the theft of 175 ETH, 595,970 USDT, and 5,801,632 $VOW. Cyver Alert’s system has traced every step of the attack, providing a detailed breakdown of the malicious activities.
The attacker initially funded the operation using Tornado Cash, a privacy-focused platform often associated with illicit activities. Following the successful hack, the attacker began moving the stolen funds back through Tornado Cash, already transferring 50 ETH. Despite these withdrawals, the hacker still holds 402 ETH at their address, indicating that further attempts to launder the stolen assets may be imminent.
🚨ALERT🚨On Aug-13-2024, Our system has detected multiple suspicious transactions involving @Vowcurrency
The attacker deployed the malicious contract 112 days ago and executed the two hack transactions on August 13th, resulting in the loss of 175 $ETH, 595,970 $USDT, and… pic.twitter.com/PsdplT8wKG
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) August 15, 2024
$VOW Market Confidence And Sentiment Significantly Impacted By Security Breach
This security breach has significantly impacted market confidence in $VOW, leading to the steep decline in its price. The revelation of the attack has shaken the Vowcurrency community, with investors scrambling to reassess their positions in light of this news.
The incident underscores the ongoing vulnerabilities within the crypto space, where even well-established tokens like $VOW are not immune to sophisticated cyber attacks. As the investigation continues, the Vowcurrency team and Cyver Alert are likely to face increasing pressure to mitigate the damage and restore trust among their user base. For now, the market remains on high alert, as the repercussions of this hack continue to unfold.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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