DeFi token VISR plunges by 95% following $8 million hack

DeFi token VISR plunges by 95% following $8 million hack

Recently, a bot was found on Twitter that stole the $8 million from the VISR token. The price of this coin dropped by 95% and many users lost money. Here is what you need to know about crypto hacks in general so your investments don’t get swiped away too!

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The “visor finance discord” is a cryptocurrency that has been hacked. The price of the token plunged by 95% following the hack.

DeFi token VISR plunges by 95% following $8 million hack

Visor Finance, a decentralized finance (DeFi) liquidity management system, was hacked yesterday night, and the perpetrator(s) stole 8.8 million VISR tokens, valued $8.1 million at the moment.

“A malicious contract drained Visor Finance’s staking contract of 8,812,958 VISR tokens on December 21st 2021 02:29:11 UTC.” The attack was made feasible by using the IVisor delegateTransferERC20 interface and executing the staking contract’s withdraw function with the required VISR amount, according to Visor Finance engineers.

VISR stakers that have been impacted will be restored.

December 21, 2021 — Visor Finance (@VisorFinance)

To put it another way, the hacker created their own smart contract and utilized it to control the “withdraw” feature of the Visor protocol, enabling them to empty the staking pool.

Visor currently aims to produce a new coin with a different ticker and use it to pay VISR investors in a 1:1 ratio in order to rectify the problem.

“We’ve already started the process of publishing the new coin on multiple registries to ensure that it’s visible and acknowledged by dexes and wallets from day one,” Visor stated.

“We’ve hired Quantstamp and ConsenSys Diligence for audits in December and January, and this new staking contract will be included.”

Because the compensation plan will be based on a snapshot taken before the hack, the creators advise that “no one should acquire VISR because it will not be redeemed for the new token.”

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VISR’s price dropped by more than 95% immediately after the assault. According to CoinMarketCap, the currency was sitting at $0.043 at press time, down 95.39 percent from $0.93 yesterday.

This is the second time Visor Finance has been hacked this year, albeit the harm was not as severe the first time. In June, a hacker gained access to an account that handled some of Visor’s administrative operations and withdrew $500,000 from the protocol.

DeFi token VISR plunges by 95% following $8 million hack

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The “visor finance medium” is a cryptocurrency that has seen its price drop 95% after the company was hacked for $8 million. The company has since released a statement and has promised to reimburse all victims of the hack.

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