The effects of the illegitimate market have been felt by both $GEM and VeVe-hosted NFT holders, as the $GEM off-app price has dropped by half, while the prices of NFTs listed on the platform have also dropped significantly, with one perplexed collector claiming that the price of their Secret Rare Goofy NFT has dropped by 80%.
VeVe has yet to confirm the reason for the exploit in the days since the scandal broke, but community discussions in the aftermath have suggested that the exploit may have been centered around a ‘expired credit card’ bug, which would’ve essentially allowed the perpetrator to mint $GEM tokens for free by using an inactive credit card.
Despite claiming to keep its marketplace closed until the inquiry is complete, VeVe reopened its services two days after the exploit, despite the fact that the investigation is still underway.
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.