Key Takeaways:
- STEPN Tokens GMT and GST rallied around 13% on Monday
- The tokens plummeted following a DDOS attack during the STEPN network upgrade on Saturday
YEREVAN (CoinChapter.com) – STEPN, the move-to-earn Web3 lifestyle app, faced 25 million denial-of-service (DDOS) attacks on Saturday. As a result, the two STEPN tokens, GMT (governance) and GST (utility), tanked over the weekend.
“We have been under multiple DDOS attacks in the past hours. Securing the servers and recovery may take anywhere from 1 to 12 hours,”
the project announced on Twitter.
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DDOS attacks put STEPN tokens on a free fall
The DDOS attack allegedly happened during the promised STEPN network update aimed at fighting bots. The devs were implementing an “Anti-Cheating” infrastructure into the app to prevent users from manipulating the in-game mechanics to earn crypto rewards.
As a result of the attacks, the network misidentified many users as bots and kicked them out of the platform. The panic that followed sent STEPN tokens crashing.
STEPN’s governance token, the GMT down by 12%. The token had fallen to a daily low of $0.902.
The Green Satoshi Token (GST), the utility and reward token of the app, opened on Friday and was priced at $0.882. However, by Sunday, it reached a daily low of $0.583, a 40% drop due to the attack.
Following the incident, STEPN apologized to those affected by the attacks. Within hours, the project’s engineers had allegedly solved the problem.
“We have restored the network and strengthened our servers, and data transfers have reopened and remain stable… You needn’t be worried to be tagged as a bot again. Feel free to use the App,”
STEPN said hours later.
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GMT, GST recover following the dump
After suffering heavy blows from the DDOS attacks during the STEPN update, both the native tokens are on the path to recovery.
Governance token GMT rallied over 13% in the past 24 hours to climb back above the $1 mark, according to data by CoinMarketCap. In its recent rally, GMT reached an intra-day high of $1.05, climbing from $0.9134.
Meanwhile, the Green Satoshi Token (GST) has also rallied about 13% since Sunday’s close. Having opened the day at $0.602, the token reached $0.689 on Monday before falling to $0.663 while writing.
As CoinChapter recently reported, there is growing skepticism about the sustainability and scalability of STEPN. In addition, with DDOS attacks affecting the network, more investors may shun the platform.
Meanwhile, the devs will hope the new STEPN update will help regain the lost trust from investors.
