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Platform representatives said that user funds are safe, and also urged not to sell its own token. Despite this, its price has collapsed by 77%
The Elephant Money cryptocurrency project, which runs on the Binance Smart Chain blockchain, has been hacked. According to official reports, the amount of losses amounted to 27.4 thousand BNB ($11.2 million at the current exchange rate). At the same time, cybersecurity company PeckShield claims that the project also lost its own tokens for another $11 million. Thus, the total losses could be more than $22 million.
The company said that the incident was not related to hacking through its employees. Several smart contracts and resources were used to attack the Elephant storage. The project is now working with its partners to investigate the hack.
Users were urged not to sell the platform token. At the same time, its rate has fallen by 77%, according to CoinGecko. The daily trading volume of the altcoin exceeded $271,000.
Elephant Money emphasized that user funds remain safe.
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