October 17, 2023 at 15:22 GMTModified date: October 17, 2023 at 15:22 GMT
October 17, 2023 at 15:22 GMT

Everscale tokens gets stolen, as price plummets by 20%

Following a large token theft, $EVER has been facing much volatility with its price dropping by over 20% in the last 24 hours…

Everscale tokens gets stolen, as price plummets by 20%

$EVER, the fifth-generation layer-1 blockchain, has been facing much volatility as its price dropped by over 20% in the last 24 hours.

Everscale addressed the issues, informing users of a large token theft on X (formerly Twitter): “Friends, unfortunately, a large number of EVER tokens have been stolen…..Please stay calm and refrain from taking any hasty actions.”

In order to halt the actions of the culprits responsible, the team has temporarily disconnected Octus Bridge, which is a decentralised bridge between blockchains that is powered by Everscale. It supports popular networks, including Ethereum, Polygon, Solana, Avalanche, and Fantom.

Further outflow of the tokens has also been stopped as the team got in touch with exchanges where $EVER is listed. It has started investigations and has promised that the community will be updated as soon as the situation becomes clearer.

Everscale blockchain is built on the Telegram Open Network architecture and was originally developed for industrial use. It calls itself a fifth-generation blockchain which safely scales, while maintaining a high level of decentralisation, up to millions of transactions per second.

The network throughput increases approximately linearly according to the number of validates added. This means that as the number of transactions in the network increases and the blockchain’s throughput approaches its limit of executing, then the required number of transactions (or the latency or time to finality) increases for whatever reason, new nodes/validators are added.

Recently, it released an update on its node development accomplished over the past three months. Developers released three new versions of the Everscale node: 42, 43, 44, aimed at improving performance in the node. This applied to several major components, like persistent state, local databases and so on.

Everscale had also revealed its ongoing development of the virtual machine in the direction of distributed storage on blockchain. It also claims to have created a technology that allows for a large number of low cost microtransactions and technically creates complex use cases on its blockchain, such as CBDC, distributed messengers, decentralised social media, banking services, complex auctions, generative NFT collections and so on.

The price of its token had been trading at around the $0.033 level before it dropped to an all-time low of $0.024 today. While the price of $EVER is slightly up from this level at press time, the token continued trading in the red on its charts.