Hackers were able to exploit a vulnerability in the staking contract for WallStreetMemes ($WSM), a memecoin and online casino project targeted at the “meme warriors” who frequent various financial meme communities, many of which formed around the Gamestop short squeeze.
The attackers were able to siphon 769 million $WSM from the contract, which was notionally worth around $7 million. However, the token lacks liquidity to support swapping hundreds of millions of tokens without depressing the price, and the token price dropped around 35% in the wake of the attack as the thief began to cash out over several days.
Meanwhile, WSM announced that they would be issuing a new token to replace the stolen tokens, and “renew[ing] the liquidity pool”… somehow.
This content was sourced from Web3IsGoingGreat