What's Going On With The DeFi Project: Hacking News Out, Price Reset!

Another DeFi project announced that they had been hacked. But users think it's exit scam.

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DeFi projects have been the most talked about projects of recent times, and therefore we also often talk about DeFi tokens. In general, we mentioned DeFi tokens because of their record-breaking prices. But a DeFi token has depreciated by over 83% in the last 24 hours, almost resetting its price. It is believed that the reason behind this price drop is a hack attack or exit scam. 

What's Going On At Walletreum?

The announcement was made via The Telegram channel that Walletreum (WALT),described as an innovative and efficient crypto asset management tool, was hacked late yesterday. The project has been linked to Walletreum and the central system of the project has been taken over.

According to the statements, the attackers accessed all critical data and accounts and withdrew all funds that were in the system. Walletreum stated that they have started large-scale research on the subject, and that they will share more information soon.

“In the meantime, we ask our community to remain calm, " they said in a statement, adding that users may be angry but will return the funds as soon as possible. We believe this may be an inside job and we will indeed find the culprit behind this heinous act."they used their statements.

Exit Scam Or Hack?

Following the revelations, Twitter users claimed it was not a hacking attempt, but a fraud attempt in which the founders fled by taking the funds. The lack of a statement on the matter via Twitter and the closure of LinkedIn accounts also raised concerns.

However, a user named “Squanch” on Twitter shared the news of the hack, and in a comment below these news, it was stated that the funds may have been gradually withdrawn for fifteen days and that the founders may have planned this situation. Finally, $ 80,000 in funds were withdrawn from the accounts, and then news of the hack was shared.

WALT crashed

After news of the Hack was heard, Walt, the cryptocurrency of Walletreum, was also crashed. WALT fell within minutes and the price was reset. Walt's market volume has also been reset as users try to withdraw their funds immediately.

In addition to these, Walletreum, as well as the Value DeFi protocol, announced that it had been hacked on November 14.

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