NFT Industry News

VeVe Face $GEM Purchase Exploit That Leaves Market in Tatters

VeVe NFT marketplace, the chosen platform for brands such as Pixar, Marvel, and Coca-Cola to launch their licensed digital collectibles on, have faced an exploit which led to the illegal acquisition of millions of its in-app $GEM tokens. The exploit came into focus when it triggered the largest ever purchase volume of $GEM tokens across a three day period, with reports suggesting that an amount within the region of 7-9 million $GEM was taken.

The platform confirmed in a tweet that the exploit occurred around March 22nd, where it also stated that in response, it had no choice but to close its marketplace until the investigation is complete, as well as the option to purchase $GEM.

The effects of the illegitimate market ongoings have been felt by both $GEM and VeVe-hosted NFT holders, as the $GEM off-app price has fallen by half, whilst the prices of NFTs listed on the platform have declined greatly too, with one bewildered collector claiming that their Secret Rare Goofy NFT has plunged 80% in price.

In the days following the scandal, VeVe have failed to confirm the reason behind the exploit, but aftermath community discussions have suggested that the exploit may be centred around an ‘expired credit card’ bug, which would’ve essentially allowed the culprit to mint $GEM tokens free of charge through using an inactive credit card. 

Although VeVe claimed to keep its marketplace closed until the investigation is complete, two days on from the exploit, the platform re-opened its services, despite stating that the investigation is still ongoing.

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