Shredded Apes LP drained, 78M tokens liquidated

Shredded Apes announced on Feb. 1 that its main wallet containing royalties and the native token (WHEY) was breached.

The official Shredded Apes explained that all funds were transferred to “‘EgnTKUUsN1nyq4ap7hK9VSqSettH6T4gvLvdj3spneCg‘ about 2-3 hours ago,” at the time.

“I was just notified by one of my team members that our LP got drained. Our main wallet containing all of our royalties and $WHEY got breached.”

Approximately 78 million WHEY tokens were transferred to the Shredded Apes royalties wallet the week of Jan. 23, during token migration to Mintinglab V2.

All of the 78 million tokens were liquidated, according to the official Shredded Apes twitter thread.

Investigating the breach

Shredded Apes said that it is currently “working with multiple people to track down what caused this breach.”

“No one on the team had access to our main wallet asides from @chube_sagc and myself (@Pengucci_). This wallet never approved any transactions except from Magic Eden, our own staking website and webshop.”

Shredded Apes said to holders of the WHEY token — and recent WHEY buyers — to not buy or sell their holdings right now.

“We’ll take a snapshot of all wallets containing $WHEY soon and will come with a plan of action.”

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.