Astra Nova attributes a ten million greenback loss to the market maker hack, guarantees to repurchase RVV tokens, and presents a bounty to recuperate funds.
Astra Nova, a crypto-AI website, has introduced that it misplaced $10 million in a safety breach attributable to a third-party market maker dumping RVV tokens. This led to a drastic fall within the costs of its newly launched token.
Huge Dump of Tokens Partially Triggered by Market Maker Hack.
After Astra Nova’s RVV token launch, attackers used a hacked market maker account to promote round 860 million tokens.
This constituted roughly 8.6 p.c of the entire provide and translated to roughly 10.3 million transformed into the Tether USDT stablecoin.
This large sell-off crashed down the RVV token worth greater than 50 p.c to as little as $0.007 when the preliminary worth was as excessive as $0.028. The market information recorded a minor restoration, the place market costs stabilized at $0.014.
Astra Nova responded immediately in its official X account that its good contracts have been safe, however admitted the hack.
In its assertion, the venture emphasised that it’s collaborating with blockchain forensic groups to trace the stolen cash and can contain regulation enforcement after finishing the investigation.
Devotion to Restoration: Bounty and Token Buyback.
In response to the disaster, Astra Nova introduced plans to repurchase an equal variety of RVV tokens that weren’t affected by the breach.
That is to stabilize the liquidity of the token and regain investor belief within the ecosystem.
A ten% bounty was additionally launched within the venture beneath the situation that anybody who refunds the stolen RVV funds to a certified tackle will obtain a ten% bounty.
This incentive is in keeping with the robust want of the corporate to guard holders and to make sure the long-term stability of the AI leisure platform of Astra Nova.
Throughout a current X House session, a consultant said that Astra Nova has severed all connections with the compromised market maker and guaranteed that the venture roadmap stays unchanged.
Just lately, Astra Nova has closed a $48.3 million financing spherical with Saudi Arabian and Gulf-based buyers, which is able to assist it obtain the purpose of constructing a man-made intelligence-based leisure ecosystem based mostly on tokenized utilities.
This occasion is a serious problem to the reliability and openness of the platform within the creating crypto-AI area.