Vestrans recently fell victim to a serious hacker attack, resulting in the exploitation of a vulnerability in their blocked streaming contract. This allowed the attacker to fraudulently obtain 73,720,000 $VSTR tokens. Subsequently, the tokens were sold on Uniswap, causing a liquidity loss of approximately $500,000 in Eth.
To mitigate further losses, the Vestrans team swiftly took action by voting to block the compromised stake contracts. This decision halted interactions with the contracts, removing $755,631,188 from circulation. However, users are currently unable to withdraw funds from the blocked pools.
Assuring users of their commitment, Vestrans has promised to redistribute all funds back to their rightful owners. The team is actively working on a solution to address the issue and plans to provide further updates in the near future.
Expressing appreciation for the support received from the community during this challenging time, Vestrans is determined to minimize the impact of the attack and restore stability. Despite the fluctuations in the Token’s value, Vestrans remains confident that the situation will soon be under control, emphasizing their dedication to building a sustainable project on the Ethereum blockchain.
This incident underscores the importance of security in the decentralized finance (Defi) space, where systems like smart contracts enable financial services without traditional banking institutions’ involvement.