The UvToken project suffered a hacking attack earlier today. The attacker stole 5,000 Binance Coins (BNB) worth about $1.5 million. Right now, the team says it’s investigating the incident. After the attack, the altcoin project of the project suffered a sharp decline of over 90 percent.
$1.5 million hack on UvToken
According to an update on Twitter, the cryptocurrency management ecosystem UvToken (UVT) has been hacked. The team said that UvTokenWallet’s Eco Staking project has been hacked and an investigation is currently ongoing. It also confirmed that other ecological projects were not affected. PeckShield said about 5,000 BNB was stolen, worth $1.5 million. The funds were moved to the crypto mixing service Tornado Cash to avoid tracking.
#PeckShieldAlert 5,011 $BNB into Tornado Cash from @UvTokenOfficial exploiters pic.twitter.com/pw0KYuGwAE
— PeckShieldAlert (@PeckShieldAlert) October 27, 2022
The team is currently working with security companies to mitigate the damage. It is not yet clear how much was actually stolen and whether the UvToken hack has been stopped. The attack took place just hours ago and there are no details on how the ecology project was fully exploited. UvToken is a decentralized crypto asset management ecosystem that allows users to manage assets across multiple chains. It also has wealth management services and a cross-chain exchange.
Altcoin price dropped 99 percent
According to the project, UvToken is committed to providing a secure, convenient and efficient decentralized crypto asset platform for the public with its unique technology. UvToken claims to combine all the functions of traditional wallets and decentralized contracts and product functions through its design. By creating products based on structured income, it expands the development mode of Blockchain projects, improves capital utilization. It creates a one-stop, progressive, decentralized wallet service provider that integrates users, developers, and top-tier applications.
The project’s native token, UVT, fell sharply after the exploit. The token fell over 99 percent to $0.00532. $0.00532 caused the coin to record an all-time low. Before this crash, the coin was trading at $0.46. The cryptocurrency last recorded an all-time high at $0.799 on September 2, 2022.
