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UvToken Hack: Protocol Loses $1.5M, Investigation Underway

2 mins
Updated by Geraint Price
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In Brief

  • Digital asset management ecosystem UvToken was hacked on Oct. 27, with about 5,000 BNB (roughly $1.5 million) stolen.
  • The team is investigating the issue and is working with a Web3 security firm.
  • It’s unclear how the exploit took place and whether the attack has been stopped.
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The UvToken project experienced a hack earlier today with the attacker stealing 5,000 BNB, worth about $1.5 million. The team is currently investigating the incident.

Updated 2 Nov, 08:45UTC: UvToken tweeted: “The UVT contract risk check has been passed, it is safe and the UVT token will continue to play a leading role in the UvToken Wallet Ecosystem, and we will not abandon it. We remain focused and heads down building on Our ecosystem adoption.”

Digital asset management ecosystem UvToken has been hacked, according to an update on Twitter. The team said that UvTokenWallet’s Eco Staking project was hacked and that an investigation is currently underway. It also confirmed that other ecological projects have not been affected.

PeckShield said that around 5,000 BNB had been stolen, which is worth $1.5 million. The funds have been moved into crypto mixing service Tornado Cash in order to prevent it from being traced.

The team is currently working with security companies to mitigate the damage. Web3 cybersecurity firm looks Ancilia to be involved, with the two parties engaging in a discussion on Twitter.

It’s unclear how much has actually been stolen and whether the UvToken hack has been stopped. The attack occurred just a few hours ago, and there are no details on how exactly the eco project was exploited.

UvToken is a decentralized digital asset management ecosystem that allows users to manage assets across multiple chains. It also features wealth management services and a cross-chain exchange.

UVT Price: CoinGecko

According to the project, UvToken is committed to providing a safe, convenient and efficient decentralized digital asset platform for the public through its unique technology.

UvToken claims to aggregate all the functions of traditional wallets, and through the design of decentralized contracts and product functions.

By building structured revenue-based products, it broadens the development mode of blockchain projects, improves capital utilization, and creates a one-stop progressive decentralized wallet service provider that integrates users, developers and upper-layer applications.

The project’s native token, UVT, tanked following the exploit. The token was trading for $0.46 before it fell by over 99% to $0.05.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
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