Everscale Large Token Theft Triggers 21% Slide in EVER Token

Everscale, a Layer-1 blockchain project based on Telegram Open Network (TON) architecture, has reacted to the recent EVER volatility, stating that an enormous amount of tokens were stolen.

"Friends, unfortunately, a large number of EVER tokens have been stolen," wrote the Everscale team on X. According to PeckShieldAlert, EVER fell by 21% in the wake of the news.

In response to the theft incident, Everscale announced that it was working closely with exchanges where EVER is listed to prevent further token outflows.

In addition, the Everscale team has temporarily disconnected the Octus Bridge to curb the actions of those responsible. It promises to provide further information as the situation becomes clearer during its investigation.

Several traditional tech businesses started exploring the crypto market in late 2017 as cryptocurrencies grew in popularity.

Telegram, a prominent instant messaging application, was one of them. In 2018, it began working on the Telegram Open Network. However, TON's plan to launch faltered in the fall of 2019 after the U.S. Securities and Exchange Commission filed a complaint.

Following this, numerous firms and teams took advantage of TON's off-the-shelf protocol to build the main Free TON network in May 2020. In November 2020, this network was renamed "Everscale."

EVER price action

At the time of writing, EVER was still sustaining its losses and was down 12.77% in the last 24 hours to  $0.0289. At current prices, EVER is just a hair away from setting all-time lows, as it is just up 12% from the current all-time low of $0.0235 set on Dec. 28, 2022.

EVER has been on a steady decline since March this year, occasionally seeing massive spikes before continuing its decline. EVER is currently down 98.44% from its all-time high of $1.70 attained in October 2020.