Large-Scale EVER Token Theft Sends Everscale’s Value Plunging by Over 20% in 24 Hours

By 0xGorki 10/17/23 1:54 PM

Everscale, a Layer 1 blockchain project based on the Telegram Open Network (TON) architecture, has found itself in the midst of a security crisis. The project’s native token, EVER, has experienced a significant drop in value after a substantial number of tokens were stolen. The Everscale team took immediate action to address the issue and protect its community and assets.

The announcement was made through a post on the official Everscale platform. The team expressed their deep concern and acknowledged the unfortunate incident. According to the team’s statement, they are actively working alongside exchanges where EVER is traded to prevent any further outflow of tokens. This swift reaction underscores their commitment to the safety and security of their community members and investors.

The statement, posted on X, reads as follows:

Recent EVER volatility

Friends, unfortunately, a large number of EVER tokens have been stolen.

We are working closely with exchanges where EVER is listed in order to stop any further outflow of tokens 🛠

Please stay calm and refrain from taking any hasty actions 🧘

To halt… pic.twitter.com/RxmkSiwmnC

— Everscale (@Everscale_net) October 17, 2023

The incident has had an immediate impact on the value of EVER tokens, with a decline of over 20% in the last 24 hours, as reported by CoinGecko. As of the time of writing, EVER tokens are trading at $0.0257, a significant drop from their previous market value. The sudden depreciation of EVER tokens reflects the uncertainty and apprehension in the Everscale community and the wider cryptocurrency market.

The Everscale team’s decision to temporarily disconnect Octus Bridge, which is an integral part of their ecosystem, is a strategic move to contain the situation and prevent further unauthorized access. The team’s immediate and transparent response aims to restore confidence among the Everscale community members and reassure investors.

The incident also highlights the need for continuous vigilance and robust security measures in the cryptocurrency space. Despite the blockchain technology’s inherent security features, vulnerabilities and threats remain, and projects must remain diligent to protect their assets and the interests of their users.

As Everscale’s investigation unfolds, the crypto community will eagerly await further details regarding the nature and extent of the security breach, as well as any measures put in place to prevent similar incidents in the future. The incident serves as a stark reminder of the challenges that blockchain projects face and the importance of maintaining the trust of their communities.

In the coming days and weeks, it will be crucial for Everscale to work closely with security experts, exchanges, and regulatory authorities to ensure that the stolen tokens are tracked and potentially returned to their rightful owners. The transparency and effectiveness of their response will play a significant role in shaping the future of the EVER token and Everscale as a whole.