A hack occurred on the peer-to-peer trading website NFT Trader, leading to the theft of valuable NFTs valued at millions of dollars.
A sophisticated attack victimized the peer-to-peer trading platform NFT Trader in an appalling cyber theft. Theft of valuable non-fungible tokens (NFTs) totaling millions of dollars was the end consequence.
Bored Ape and Mutant Ape Yacht Club tokens, World of Women NFTs, VeeFriends, and Art Blocks were among the renowned collections whose digital assets were taken.
“Old smart contracts” were the hackers’ entrance point, according to NFT Trader, who verified the assault. The business suggested that customers remove any authorization that these smart contracts may have had in the past. After NFT Trader patched a reentrancy issue in its contracts, the assaults reportedly stopped.
According to NFT Trader, “A third party executed malicious code against our two earlier smart contracts. But we’ve taken every precaution to ensure that this kind of thing doesn’t happen again. It is strongly recommended to use revoke(.)cash or similar tools after completing a trade on any platform. This will offer an extra layer of protection. Once you’re done, use a cold wallet as designed, avoiding dealing with smart contracts.”
A daring step was taken by the primary attacker, who publicly communicated on the blockchain. He said someone else had used the NFT vulnerability and that the assault had been launched to “pick up leftover trash.” For a ransom of 3 Ethereum tokens (ETH) for each Bored ape and 0.6 ETH for each mutant ape, the hacker even suggested returning the tokens.
The attacker in this instance did a number of strange things, such as giving back to a user one Bored Ape plus 31 ETH and returning certain staked Bored Apes to their owners while retaining the ApeCoin incentives.
The NFT market saw a dramatic increase in trading activity in the wake of this security compromise. Over the last week, sales reached $503.35 million, an increase of 52.81%.
Bitcoin network NFTs quickly rose to the top, earning $276.79 million, far more than Ethereum’s $99.67 million.
One possible explanation for the increasing demand for NFTs is the widespread belief in a bull market for cryptocurrencies. According to recent research by DappRadar, funds usually flow into NFTs when market circumstances are like this.
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