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Tuesday, November 29, 2022
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    Visor Finance to launch new token post 94% drop in price after exploit

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    The newest replace in Visor Finance’s exploit of 8.8 million VISR tokens noticed Visor publish its autopsy report of the hack, figuring out the upcoming launch of a brand new token to switch the previously stolen VISR. Submit exploit, VISR’s worth witnessed a steep drop amounting to 94 %. At press time, VISR was buying and selling on the worth of $0.054998, with a market cap that stood barely over $1 million, in accordance with CoinMarketCap information.

    VISR Price
    Picture Supply: CoinGecko

    Visor Finance’s new token

    Given the token’s unlucky fall, VISR will now get replaced by a brand new token with a distinct ticker to keep away from confusion. Moreover, the corporate has already initiated the itemizing course of for its new token on a number of registries to guarantee visibility and recognition by dexes and wallets. Moreover, the corporate warned towards shopping for the previous VISR in lieu of a drop, because it is not going to be “redeemable” for the substitute token.

    “What we have now opted to do is change the previous VISR token ticker image with the brand new one. All tokenomics will keep the identical and there shall be a redemption (from the time of the snapshot) of 1:1 with the brand new token, together with these staked within the vVISR contract and the these staked in Tokemak…Nobody should purchase VISR because it is not going to be redeemable for the brand new token.”

    Visor to revise its flawed staking contract

    The vVISR staking contract grew to become the core of the hack, with drawbacks within the contract that allowed hackers to re-enter and mint extra vVISR tokens, together with facilitating limitless minting to additional exaggerate the exploit’s extent.

    Nevertheless, Visor’s rectification plan contains making modifications within the previously flawed staking contract, assuring that this time round it doesn’t depend on a consumer offered contract to implement the required switch operate. In accordance with Visor’s autopsy, the staking contract ought to as an alternative depend on a hard and fast switch implementation equivalent to ERC20.

    “We’re engaged with each Quantstamp and ConsenSys Diligence for December and January audits and this new staking contract shall be included.”, Visor added.

    Disclaimer

    The introduced content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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