Vestrans Suffers Exploit: $500,000 Drained in Locked Staking Attack
The company Vestrans has disclosed a significant cyberattack in which an attacker exploited a vulnerability in the locked staking contract. By manipulating the reward mechanism, the perpetrator illicitly acquired 73,720,000 $VSTR tokens beyond the entitled amount. These tokens were subsequently sold incrementally on Uniswap, depleting liquidity by approximately $500,000 in ETH.
To prevent further losses, the Vestrans team swiftly halted the locked staking contracts through a vote involving four of seven delegates. This decision ceased interactions with the contracts, effectively removing 755,631,188 $VSTR tokens from circulation. However, users are now unable to withdraw funds from the locked pools.
Acknowledging the impact of the incident on its users, the company assured that all funds would be redistributed to their rightful owners. The team is currently devising a resolution plan, with detailed updates promised in the coming days.
Vestrans representatives expressed gratitude to the community for its unwavering support during this challenging time. The company takes pride in the solidarity of its users and is committed to minimizing the consequences of the attack while restoring stability.
Despite the token’s temporary price volatility, Vestrans remains confident in a swift recovery. The company continues to pursue its mission of developing a sustainable blockchain project on Ethereum, emphasizing its reliability and potential.
This incident has underscored the critical importance of security within the DeFi space. Vestrans affirmed its commitment to learning from this event and enhancing platform safeguards to prevent similar occurrences in the future.
