Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/vevegemsacquiredillegitimately.php}} {{Unattributed Sources}} Veve HomepageVeVe 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 rep..."

2023-10-16T17:27:38Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/vevegemsacquiredillegitimately.php}} {{Unattributed Sources}} thumb|Veve HomepageVeVe 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 rep..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/vevegemsacquiredillegitimately.php}}
{{Unattributed Sources}}

[[File:Veveme.jpg|thumb|Veve Homepage]]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.

This is a global/international case not involving a specific country.<ref name="nftherdertwitter-11948" /><ref name="veve-11950" /><ref name="cointelegraph-11956" /><ref name="vauld-11957" /><ref name="bitdegree-11958" /><ref name="metaversezeus-11959" /><ref name="veveofficialtwitter-11960" />

== About VeVe ==
"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."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - VeVe Gems Acquired Illegitimately
!Date
!Event
!Description
|-
|March 22nd, 2023 8:45:00 PM MDT
|VeVe Tweets
|VeVe shares an announcement about the exploit.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="nftherdertwitter-11948">[https://twitter.com/NFTherder/status/1530984425856847873 @NFTherder Twitter] (Nov 24, 2022)</ref>

<ref name="veve-11950">[https://www.veve.me/ VeVe Digital Collectibles] (Sep 20, 2023)</ref>

<ref name="cointelegraph-11956">[https://cointelegraph.com/news/marvel-nft-partner-veve-closes-its-marketplace-after-an-in-app-token-exploit Marvel NFT partner Veve closes its marketplace after an in-app token exploit] (Sep 20, 2023)</ref>

<ref name="vauld-11957">[https://www.vauld.com/insights/nft-platform-veve-exploited-gems-stolen/ NFT Platform VeVe Exploited; Gems Stolen - Vauld Insights] (Sep 20, 2023)</ref>

<ref name="bitdegree-11958">[https://www.bitdegree.org/crypto/news/nft-app-veve-shuts-down-after-gem-exploit VeVe Closes Marketplace Doors After Gem Purchase Exploit] (Sep 20, 2023)</ref>

<ref name="metaversezeus-11959">[https://metaversezeus.com/official-marvels-nft-partner-veve-shuts-down-its-marketplace-after-being-hacked/ Official Marvel’s NFT partner VeVe shuts down its marketplace after being hacked. | Metaverse Zeus] (Sep 20, 2023)</ref>

<ref name="veveofficialtwitter-11960">[https://twitter.com/veve_official/status/1506462177208676353 @veve_official Twitter] (Sep 22, 2023)</ref></references>

VeVe Gems Acquired Illegitimately - Revision history