Market News: Astra Nova Blames Market Maker Hack for $10M Loss, Plans Buyback
Astra Nova attributes a 10 million dollar loss to the market maker hack, promises to repurchase RVV tokens, and offers a bounty to recover funds.
Astra Nova, a crypto-AI site, has announced that it lost $10 million in a security breach caused by a third-party market maker dumping RVV tokens. This led to a drastic fall in the prices of its newly introduced token.
Massive Dump of Tokens Partially Triggered by Market Maker Hack.
After Astra Nova’s RVV token launch, attackers used a hacked market maker account to sell around 860 million tokens.
This constituted approximately 8.6 percent of the total supply and translated to approximately 10.3 million converted into the Tether USDT stablecoin.
This massive sell-off crashed down the RVV token price more than 50 percent to as low as $0.007 when the initial price was as high as $0.028. The market data recorded a minor recovery, where market prices stabilized at $0.014.
Astra Nova responded instantly in its official X account that its smart contracts were secure, but admitted the hack.
In its statement, the project emphasized that it is collaborating with blockchain forensic teams to track the stolen money and will involve law enforcement after completing the investigation.
Devotion to Recovery: Bounty and Token Buyback.
In response to the crisis, Astra Nova announced plans to repurchase an equivalent number of RVV tokens that were not affected by the breach.
This is to stabilize the liquidity of the token and regain investor trust in the ecosystem.
A 10% bounty was also introduced in the project under the condition that anyone who refunds the stolen RVV funds to an authorized address will receive a 10% bounty.
This incentive is in line with the strong desire of the company to protect holders and to ensure the long-term stability of the AI entertainment platform of Astra Nova.
During a recent X Space session, a representative stated that Astra Nova has severed all connections with the compromised market maker and assured that the project roadmap remains unchanged.
Recently, Astra Nova has closed a $48.3 million financing round with Saudi Arabian and Gulf-based investors, which will help it achieve the goal of building an artificial intelligence-based entertainment ecosystem based on tokenized utilities.
This event is a major challenge to the reliability and openness of the platform in the developing crypto-AI domain.
The post Market News: Astra Nova Blames Market Maker Hack for $10M Loss, Plans Buyback appeared first on Live Bitcoin News.
You May Also Like
Bitcoin ETFs Surge with 20,685 BTC Inflows, Marking Strongest Week
BitMine koopt $44 miljoen aan ETH
