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    VeVe becomes a Victim of Exploit

    By Ammar Mukhtar

    Mar 23,2022

    6:48 AM UTC

    VeVe, an app-based marketplace for licensed digital collectibles, has announced that it was the victim of an exploit that resulted in the loss of several “gems.”

    “We have become aware of an exploit of our systems, which resulted in a large number of gems being obtained illegitimately,” VeVe’s official Twitter account stated early Wednesday morning.

    According to the website, gems are the VeVe in-app token used to exchange for collectibles during drops or in the Market. The company charges USD 1 for gems, but the total price paid is affected by the payment method, as well as any additional fees and taxes billed by the users’ credit card company, bank, or PayPal, according to the company.

    As a result of the hack, the digital marketplace has halted operations while the investigation is ongoing, with the promise of announcing “the expected timing of Market opening” as soon as possible.

    VeVe also stated that they have restricted the accounts of some users while conducting an investigation. “We will be contacting those users directly,” it added.

    VeVe, an Android and iOS app developed by Singapore-based technology company Ecomi, has quickly become a popular marketplace in the burgeoning digital collectibles market.

    Throughout 2021, the marketplace has secured a number of significant partnerships. Specifically, VeVe has released licensed non-fungible token (NFT) digital collectibles based on Spider-Man, Captain America, and the first series of classic Marvel Comics.

    VeVe has also partnered with the major entertainment company Metro-Goldwyn-Mayer (MGM) Studios and British film production company EON Productions to launch a series of NFTs for “No Time To Die,” the latest edition in the iconic James Bond franchise.

    This is only one in a string of various hacks in the crypto sector in the past week alone.

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