While the interest in Mem tokens has been increasing recently, many Mem Tokens have been released to the market.
One of these was Wall Street Memes (WSM), one of the mem tokens launched in 2023.
While the pre-sale of WSM attracted intense interest, sales increased with the support of Tesla CEO Elon Musk.
Because Elon Musk, known for his support of the popular meme token Dogecoin (DOGE) and one of the most vocal names on meme tokens, has also taken WSM on his radar.
However, there was a bad development for WSM and it was stated that WSM was attacked by a hack.
WSM team made the following statements in its statement:
“Last night the Wall Street Memes token was subject to a coordinated attack.
Hackers attacked the WSM staking contract by exploiting a vulnerability.
Our team acted quickly to withdraw liquidity from Uniswap and asked exchanges to temporarily halt trading.
These quick actions made it harder for hackers to sell the stolen tokens and limited the impact on the WSM token.”
Following this hacking attack, WSM price dropped significantly. WSM, which has decreased by approximately 30% in the last 24 hours, continues to be traded at $ 0.0091 at the time of writing.
*This is not investment advice.