Odaily Planet Daily News: The NEM token contract NemTokenV2 was attacked, resulting in losses of approximately $820,000. The attacker exploited a vulnerability in the contract that failed to verify the settlement results of token exchanges. After transferring tokens into the liquidity pool, the attacker repeatedly executed the skim() and flushLpSellRecycle() functions 42 times, continuously depleting the liquidity pool reserves, then sold the remaining NEM at inflated prices to extract USDT. The attack targeted the USDT/NEM trading pair on PancakeSwap.
NEM Token Contract Attacked, Losing $820,000
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Summary
NEM token liquidity was compromised after a contract exploit drained $820,000 from the NemTokenV2 contract. The attacker bypassed settlement verification on PancakeSwap, repeatedly calling skim() and flushLpSellRecycle() 42 times to drain the liquidity pool reserves. The stolen tokens were sold at inflated prices to extract USDT. Liquidity providers in the USDT/NEM pair suffered significant losses. Altcoins to watch may include NEM as the market responds to the incident.
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