Gnus.AI, a blockchain network that allows users to perform AI tasks with its GNUS token, was hit by a clever hack on May 5th. Hackers managed to steal $1.27 million by creating and selling fake GNUS tokens.
Hackers gained access to a private key belonging to the Gnus.AI team. This key likely gave them control over a wallet containing GNUS tokens. Using information gleaned from the stolen key, the hackers minted 100 million fake GNUS tokens on a different blockchain network.
These fake tokens were then sold on the market, flooding the system and driving down the price of real GNUS tokens. This allowed the hackers to essentially steal wealth from legitimate token holders.
Gnus.AI is aware of the situation and is taking steps to fix it. They'll be releasing a new version of the GNUS token and offering compensation of $1 million to those affected by the hack. This covers about 80% of the stolen funds.
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