Defi Hack: Visor Finance to launch new token post 94% drop in price after exploit

By Sunil Sharma
December 22, 2021 Updated December 22, 2021
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IOTA-Hacked
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The latest update in Visor Finance’s exploit of 8.8 million VISR tokens saw Visor publish its post-mortem report of the hack, determining the upcoming launch of a new token to replace the formerly stolen VISR. Post exploit, VISR’s price witnessed a steep drop amounting to 94 percent. At press time, VISR was trading at the price of $0.054998, with a market cap that stood slightly over $1 million, according to CoinMarketCap data.

VISR Price
Image Source: CoinGecko

Visor Finance’s new token

Given the token’s unfortunate fall, VISR will now be replaced by a new token with a different ticker to avoid confusion. Furthermore, the company has already initiated the listing process for its new token on several registries to assure visibility and recognition by dexes and wallets. Additionally, the company warned against buying the old VISR in lieu of a drop, as it will not be “redeemable” for the replacement token.

“What we have opted to do is replace the old VISR token ticker symbol with the new one. All tokenomics will stay the same and there will be a redemption (from the time of the snapshot) of 1:1 with the new token, including those staked in the vVISR contract and the those staked in Tokemak…No one should buy VISR as it will not be redeemable for the new token.”

Visor to revise its flawed staking contract

The vVISR staking contract became the core of the hack, with drawbacks in the contract that allowed hackers to re-enter and mint more vVISR tokens, along with facilitating limitless minting to further exaggerate the exploit’s extent.

However, Visor’s rectification plan includes making changes in the formerly flawed staking contract, assuring that this time around it does not rely on a user provided contract to implement the required transfer function. According to Visor’s post-mortem, the staking contract should instead rely on a fixed transfer implementation such as ERC20.

“We are engaged with both Quantstamp and ConsenSys Diligence for December and January audits and this new staking contract will be included.”, Visor added.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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