Everscale, a Layer-1 Project on TON, Faces a Severe Hack

Everscale, a Layer-1 project built on TON (Telegram Open Network), recently fell victim to a major hack, resulting in the theft of a significant amount of EVER tokens. Following this disheartening revelation, the token’s value plummeted by more than 25%. In response, the Everscale team has issued an official statement addressing the incident.

Addressing the Community

The official statement begins by addressing the community as “Friends,” emphasizing the importance of transparent communication in times of crisis. The message confirms the unfortunate event, stating that a substantial quantity of EVER tokens has been stolen.

Swift Action and Communication with Exchanges

The Everscale team highlights its immediate response to the security breach. They have initiated discussions with exchanges where EVER tokens are listed, working closely to prevent the siphoning of more tokens from the ecosystem. As a precaution, they have also closed the Octus Bridge, which facilitates interoperability between blockchains.

The Promise of Detailed Updates

While this initial statement aims to convey the situation, the team commits to providing further details in the coming hours. It is clear that Everscale is actively investigating the incident to gain a comprehensive understanding of the extent of the attack and its consequences.

Token Value Hit Hard

Following the news of the security breach, the EVER token faced a substantial drop of nearly 28% in value. At the time of writing this article, the token was trading at $0.025. This decline is a stark contrast to the token’s price in October 2020, which had once surged to over $2.

The hack on Everscale serves as a reminder of the persistent risks and challenges in the cryptocurrency and blockchain space. It underscores the importance of robust security measures and rapid response in safeguarding the assets and trust of the crypto community.

The cryptocurrency market is no stranger to hacks, but it is equally resilient and capable of adapting to adversity. While the Everscale team works diligently to resolve the issue and restore confidence, the incident has left an indelible mark on the project and its community. Regardless of the challenges it faces, the cryptocurrency industry continues to evolve and persevere, emphasizing the resilience of blockchain technology.

CoinObserver.net provides information about cryptocurrencies for educational purposes only. We are not financial advisors, and the content on this website should not be considered investment advice. Cryptocurrency markets are volatile, and investing carries risks. Always consult a professional before making financial decisions. Your investments are your responsibility.

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