QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
MARCH 2022
GLOBAL
VEVE
DESCRIPTION OF EVENTS
"Welcome to VeVe Where the world collects Start your digital collection today! Step into VeVe and be part of the next evolution in collecting. VeVe is the world’s home of premium digital collectibles, comics and art works - all available in limited edition releases."
"The VeVe marketplace has developed a bit of a reputation as the partner of choice for some big names who have dipped their toes into "licensed digital collectible" NFTs, including Marvel, Pixar, and Coca-Cola. It is also notable for using in-app tokens called Gems, which can be purchased with credit cards, but have been impossible to cash out since the mid-2021 launch (though VeVe has very recently said they are beta testing a cashout system)."
"On March 22, VeVe tweeted that "We have become aware of an exploit of our systems which resulted in a large amount of gems being acquired illegitimately", and that they had closed the market, as well as purchases and transfers of Gems. The market remained closed for over a day as VeVe apparently triaged the problem. It's not clear yet what the impact has been to the platform or its users, though many reported that their NFTs appeared to have plunged in value."
"We have become aware of an exploit of our systems which resulted in a large amount of gems being acquired illegitimately. We appreciate the members of the community that have come to us after noticing unusual activity."
"As a result of this exploit, we have closed the Market, Gem purchases and transfers while we investigate. We will update you on the expected timing of Market opening as soon as we can."
"Some users have had their accounts restricted while we investigate. We will be getting in touch with those users directly.
We appreciate your understanding."
VeVe is a platform for premium digital collectibles, comics, and artworks available in limited edition releases. They have introduced the $VEVE ERC20 token, allowing users to purchase exclusive NFT drops, stake $VEVE for an 8% APY, and facilitating the transition from $OMI to ERC20. There was a report that users were acquiring the GEM cryptocurrency illegitimately. It remains to be learned how much was acquired or what the full impact was.
@NFTherder Twitter (Nov 24)
VeVe Digital Collectibles (Sep 20)
Marvel NFT partner Veve closes its marketplace after an in-app token exploit (Sep 20)
NFT Platform VeVe Exploited; Gems Stolen - Vauld Insights (Sep 20)
VeVe Closes Marketplace Doors After Gem Purchase Exploit (Sep 20)
Official Marvel’s NFT partner VeVe shuts down its marketplace after being hacked. | Metaverse Zeus (Sep 20)
@veve_official Twitter (Sep 22)
