Virtuals Protocol (VIRTUAL), a leading AI crypto token, faced a sharp decline after a critical security vulnerability was publicly disclosed by blockchain researcher known as "jinu".
The price of Virtuals Protocol (VIRTUAL) crypto token experienced a sharp decline following the public disclosure of a critical security vulnerability by blockchain researcher "jinu."
According to jinu, he privately notified the Virtuals team about the vulnerability, but his warnings were ignored. This prompted him to reveal the issue on X.
The vulnerability allowed attackers to create Uniswap V2 token pairs before Virtuals, potentially disrupting the platform's token launches.
The Virtuals team initially dismissed the report and closed communication channels created for vulnerability disclosure. Another expert, "33Audits," encountered similar experiences.
However, following public pressure, the Virtuals team quickly patched the issue, releasing updated code and a new contract address.
The incident caused VIRTUAL's price to drop 7.19% in 24 hours, falling to $4.10 before recovering to $4.29.
This setback occurred during a broader AI crypto boom, with the sector exceeding a $10 billion market capitalization.
While the vulnerability has been resolved, the team's handling of the situation has raised concerns regarding transparency and security, potentially impacting investor trust.
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