1inch Network works as a DEX aggregator that scans different decentralized exchanges (DEXs) and offers users the best price and lowest transaction fees, so users can make the most advantageous crypto trades on a single platform. The 1INCH token has several functions in the 1inch ecosystem: it gives holders voting rights in the governance of the platform, provides a discount on trading fees, offers passive income through staking, and is planned for use in future projects.
Down 2.58% in the last 24 hours and at the time of writing, 1INCH is among the day's decliners. Decentralized exchange 1inch confirmed that it was cyberattacked on October 30th; the attack is known to have been carried out by injecting malicious code into an animation library called Lottie Player. While the attack only affected the 1inch website, there was no direct impact on user wallets; 1inch reported that affected wallets will be refunded and users should revoke their malicious address confirmation. Following this development, the 1INCH price may have been negatively affected.
