VeVe nonfungible token (NFT) marketplace has been temporarily shut down following an exploit that resulted in a significant quantity of gems being acquired illegitimately.
The NFT marketplace with licensed premium digital collectibles took to Twitter on Tuesday to announce that it has also restricted some accounts pending the investigation into the exploit.
“As a result of this exploit, we have closed the Market, Gem purchases and transfers while we investigate. We will update you on the expected timing of Market opening as soon as we can,” the tweet read.
In the last 24 hours, bitcoin has been down by 0.9%, with a current price of $42,382.65 as of the time of writing this. Within 24 hours, bitcoin experienced a $41,868.04 low and $42,838.49 high. The trading volume of bitcoin in the last 24 hours is $20,920,902,889. The current market capitalization of bitcoin is $804,778,358,978. Currently, $18.99M bitcoins are in circulation.
Stats and Image from Coin Gecko
Although, VeVe did not state the exact amount of gem that was illegitimately acquired, a Twitter user who called it their “biggest exploit” said about 7 million gems were reportedly purchased fraudulently at 0.2 gems instead of the normal 0.5.
There is the possibility that VeVe will be recovering gems from buyers who purchased them at cheap rates during the exploit. VeVe, in its announcement, said it would be getting in touch directly with users whose accounts were restricted.
VeVe NFT marketplace has partnered with big brands like Marvel, Pixar Studios, and Coca-Cola for their NFT drops.