Has My Defi Pet failed? Was My Defi Pet hacked? Has My Defi Pet DPET token Crashed? Was there a rug pull? Questions, Questions, Questions…
MyDefiPet ($DPET), the NFT game that has been trending in the crypto gaming world for the past few days has been the victim of a hack (or exploit).
This hack caused the price of the DPET token which is the game’s native token to drop drastically within few minutes from the all time high of about $2.6 per token to almost zero.
This led to a panic by lots of investors who bought into the token especially those who bought in the hours before the hack during which time the coin had seen a massive surge in growth.
Fortunately, the exploit was detected and has now been corrected leading to the price of the token jumping back up to levels closer to where it was before the hack.
The hack did not seem to affect the actual game though, as the platform continued to function as normal albeit with a few reported bugs.
So, What caused the My Defi Pet Hack?
According to a press statement by the Project Developers:
“The hacker exploited Chainswap smart contract, swapped ERC20 DPET from Ethereum to BEP20 DPET and sold on Pancakeswap. Most of the DPET stolen was from our liquidity pool on Uniswap. Chainswap also stopped all swapped tokens. ERC20 DPET pair on Uniswap is paused as a result.
Meanwhile, BEP20 and KRC20 DPET holders are NOT impacted by this exploit. We snapshot the activities on Ethereum and will have another announcement for instruction to reimburse DPET token to holders on Ethereum Network.”
The Developers also assured investors that all their funds are safe.
At the time of writing, the DPET token appears to have recovered reasonably well from the hack and it looks like everything is back to normal.
The token is almost back at the $2 mark and still trending upwards just as it was before the hack. Although it’s yet to hit it’s all time high, it is relatively safe to say that the issue has been overcome and it is probably now safer to buy. Not financial advice though, so do your own research.