Last night, the Wall Street Memes token was subject to a coordinated attack. The hackers exploited a vulnerability with our staking provider and accessed the $WSM staking contract.
Our team acted fast, pulling liquidity from Uniswap and asked exchanges to temporarily halt trading. These quick actions have made it difficult for the hackers to sell the stolen tokens, and limited the impact on the $WSM token.
The team has been working around the clock to execute a plan to restore users staked tokens, and renew the liquidity pool.
Over the coming days, we’ll be working to deploy an upgraded token contract. This will allow us to:
- Create a new staking pool and mirror all the staked token information from the current staking contract. Meaning users still have all of their staked tokens.
- Create a new liquidity pool that matches the current one, maintaining consistency of price as we switch to the new contract.
What does this mean for holders?
As we move to the new token contract, we’ll be doing the following.
- The current WSM token will cease to be tradable, and we’re working with exchanges to move all holder funds to the new token contract.
- Staked funds will be moved to a new staking contract and users will be able to access their staked funds via the new contract.
- DeFi and non-custodial holders will be airdropped the equivalent of the new token.
The team are still investigating the root cause of the hack, and are diligently working with providers and exchanges to facilitate a smooth transition to the new token. We’ll keep you all updated on our community channels as soon as we have updates.
The WSM Team