HomeVeVe temporarily closes NFT marketplace following a Gems tokens exploit

VeVe temporarily closes NFT marketplace following a Gems tokens exploit

Charles Thuo

VeVe, a popular NFT marketplace app for premium licensed digital collectibles, today confirmed a tweet that their system was compromised by hackers who went ahead to sell Gems tokens illegitimately. 

Gems are Veve's in-app tokens that are used for collectible trading. 

Following the attack, Veve has temporarily closed down its NFT marketplace until further notice as it investigates the exploit.

Hackers exploit VeVe’s Gems

VeVe team said that they were alerted about the attack by community members who noted malicious transactions within the marketplace.

They also noted that the hackers were able to get away with a sizeable amount of Gems tokens which are speculated to be a least seven million.

As the investigation continues, VeVe said that they have already restricted some users’ accounts who were suspected to be engaged in the exploit and there is a likelihood of them losing their funds.

It is important to note that last year, VeVe partnered with one of the best studios in the world, Marvel, to launch its superhero NFT collections.

NFT space remains vulnerable to attack by hackers

Today’s attack issue adds to the other exploit attacks that have been happening in the NFT space this month only.

On 3rd March, one of the biggest exploits in the NFT marketplace history occurred on the Arbitrum blockchain Treasure where a series of transactions were carried out. Following the exploit, the hackers were able to buy NFTs from the Marketplace free of charge, however, this was managed shortly after the attack where they recovered most of the stolen NFTs.

There is also a recent case where Rare Bear, a newly-debuted NFT project, reported to have lost about 179 NFTs to a hacker who later amassed almost $800,000 from the stolen NFTs.

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