Wall Street Memes Plummets 35% as Hacker Sells Over 368M Tokens

Last Updated:
Crypto Crime in 2023: Illicit Activity Drops, Cybercriminals Target Stablecoins
  • WSM hacker responsible for token’s massive drop in the past 24 hours. 
  • The hacker has sold over 368 million WSM worth around $3.3 million since the attack. 
  • Wallet addresses linked to the hacker still hold 396.2 million tokens.

Blockchain analytics platform Spot On Chain has linked the recent drop in Wall Street Memes’ (WSM) price to the activities of the hacker who made away with a significant amount of the tokens following an attack on Thursday. 

In a recent post on X (formerly Twitter), the analytics platform noted that the hacker had started selling the tokens for Ether on Uniswap and MEXC. So far, the hacker has sold over 368 million WSM worth around $3.3 million in the hours since the exploit. 

As a result of the massive dump, the token fell nearly 35% in the last 24 hours, as at the time Spot On Chain’s report was made. At the time of press, the WSM had made a slight recovery but was still down 22.96% in the past 24 hours, according to data from CoinMarketCap.

Following yesterday’s attack, the WSM project team disclosed they had moved to block the hacker’s activities. In an update posted on X yesterday, the team said it had withdrawn the WSM liquidity pool and WSM trading pairs on CEXs. 

According to Spot On Chain, the hacker still holds 396.2 million WSM tokens out of the 769.4 million exploited during the attack. At the time of the report, the tokens stored in 17 different wallet addresses are worth around $3.58million. 

Given WSM’s current total market capitalization, a dump of the remaining token by the hacker would significantly hurt WSM’s value. Currently, the meme network has a total market cap of $17.4 million and a circulating supply of 1.92 billion tokens.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.