Elephant Money Hacked: 11 Million Stolen!
Have you heard the news? One of the biggest names in Crypto–Elephant Money–was the victim of a smart contract exploit. In one fell swoop, a malicious actor was able to gain access to the treasury and siphon off the equivalent of approx. 11 million USD.
How did they do it? Apparently, they made a new contract called ElephantMoney Exploiter (original right?) and set a self destruct vector so that no one can analyze how they did it.
Needless to say, investors are paying the price. The Elephant coin has lost 80% of its value. It only holds value at this point because the owners of the project put 2 million of their own funds back into liquidity.
What happens next? Elephant is a big name in crypto, with pride in their project. Over time they may recover, but they need to figure out how the exploit was done so they can put countermeasures in place.
Meanwhile, Elephant coin is on sale! Will you buy in?
Join the discussion on reddit, r/CryptoCraversLLC