Shredded Apes, a NFT collection protocol has suffered an exploitation which worths about $15,589 on its main wallet. This development was confirmed in a Twitter post by the project on Wednesday. According to the Shredded Apes, the hacker breached the platform to drain it’s LP.
According to the project, the exploiter targeted the main wallet, containing all of its royalties and $WHEY. Notably, Shredded Apes said it has traced the stolen funds to an address. As revealed, the funds were transfered to the address about three hours after the exploitation.
The NFT protocol asserted that it had earlier transfered all $WHEY holdings, which is about 78 million to its royalties wallet. The team said the decision to transfer the funds to the wallet was because of its resolution to migrate token to Mintinglab V2. Regrettably, all the funds became liquidated by the exploiter.
Shredded Apes to investigate the breach
Meanwhile, Shredded Apes assures its users about ongoing plans to trail the exploiter and unravel the circumstances behind the breach. According to the protocol, efforts are underway with numerous firms and persons to investigate the cause of the breach.
Further, the team established that no one possesses access to the main wallet except the two co-founders of the project, identified as Chube and Pengucci. Further, the platform insisted that the wallet was so secure that it doesn’t approve any transactions except from Magic Eden, its own staking website and webshop.
According to Pengucci, the exploitation took place some minutes to bedtime. The co-founder affirmed the team’s commitment to working with relevant people to assemble all information and come up with an emergency plan. Pengucci admitted that the massive exploitation remains a though pill to swallow for the team. But, the Shredded Apes founder believes in the capacity of his team to find a solution going forward.
The Shredded Apes founder called on people who own $WHEY not to buy or sell it at the moment. According to Pengucci, the team plans to take a snapshot of all wallets containing $WHEY very soon to come up with a drastic plan of action. According to CoinGecko, $WHEY is presently trading at $0.00019992.
Additionally, Pengucci maintained that Shredded Apes possesses strong use case and looks to close in in some deals capable of getting it out of this ugly situation. The founder assured the community of amazing things coming through the platform in the future in spite of the setback occasioned by the breach. The founder urges the community to stand strong with the project at this tough time.