Simon Ng Recent reports confirm a significant security breach at the peer-to-peer NFT marketplace, NFT Trader. The platform acknowledged the incident, revealing that a vulnerability in an outdated smart contract was exploited, leading to the misappropriation of nearly $3 million in prestigious NFTs. This includes valuable items from renowned collections like Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC).
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Security Flaw at NFT Trader Results in Heist of Rare Bored and Mutant Ape NFTs
A severe security lapse at NFT Trader has led to a substantial loss of about $2.85 million in coveted NFTs. In an urgent public announcement made on Saturday, NFT Trader warned users of an attack on old smart contracts, advising them to revoke delegations to certain addresses. This was accompanied by a list of impacted smart contract addresses.
The official account of Revoke Cash X disclosed that the theft comprised mainly of Bored Ape and Mutant Ape NFTs, totaling around $3 million. The Revoke Cash website, detailing the breach, notes that while the exact theft mechanism is yet unknown, there have been instances of the stolen NFTs being returned to the victims. Revoke Cash commented, “There’s a silver lining as the exploiter has returned several NFTs, suggesting some users may reclaim a portion of their lost assets.”
This incident at NFT Trader is the latest in a series of security breaches in 2023, following the Ledger Connect Kit Library incident and the Okx Dex hack. Research from the previous month shows that a staggering $343 million was stolen from various crypto exchanges. As the value of NFTs continues to climb, they are increasingly targeted for their significant worth.
Phishing attacks on NFT owners have become more prevalent, employing various deceptive methods to extract crucial information for breaching security. These tactics lead to the unauthorized access of digital wallets and subsequent theft of NFTs. A notable case occurred in January 2022 when a New York gallery owner was deceived by a phishing scam, leading to a loss of $2.2 million in NFTs.
We invite your thoughts on the NFT Trader hack. Share your opinions in the comments section below.
Frequently Asked Questions (FAQs) about NFT Security Breach
What happened in the NFT Trader security breach?
The NFT Trader platform experienced a security flaw, leading to the theft of approximately $3 million worth of NFTs, particularly from the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections.
How was the NFT Trader platform compromised?
An attacker exploited an outdated smart contract on the NFT Trader platform, resulting in the unauthorized acquisition of high-value NFTs.
What is the estimated value of the stolen NFTs in the NFT Trader hack?
The estimated value of the stolen NFTs in the NFT Trader security breach is around $3 million.
Were any of the stolen NFTs returned to their owners?
Yes, some of the stolen NFTs were returned to their owners, as per Revoke Cash X’s observation, although the exact method of the theft and the extent of the returned NFTs remain unclear.
How does the NFT Trader incident relate to the broader trend of cryptocurrency security breaches?
The NFT Trader incident is part of a larger trend of security breaches in the cryptocurrency space, with a reported $343 million stolen from various crypto exchanges in the preceding month alone.
Have there been other notable phishing attacks targeting NFT owners?
Yes, there have been several phishing attacks targeting NFT owners, including a notable incident in January 2022, where a New York gallery owner lost NFTs valued at $2.2 million.
More about NFT Security Breach
- NFT Trader Security Breach Details
- Understanding NFT and Cryptocurrency Security
- Report on Recent Cryptocurrency Exchange Thefts
- Analysis of the Bored Ape Yacht Club NFT Heist
- Trends in Phishing Attacks Against NFT Owners
- Case Study of the New York Gallery Owner’s NFT Theft
5 comments
just goes to show, no matter how secure you think your assets are, there’s always a risk. this is a wake up call for the NFT community.
That’s huge! Losing 3 million in NFTs, I mean how does that even happen these days. security should be top priority!
wow, can’t believe NFT Trader got hacked! thought these platforms were supposed to be secure, what’s going on??
feeling sorry for those who lost their Bored Apes, those are some serious digital assets to lose. hope they get em back.
Phishing attacks are getting more sophisticated, it’s scary… Gotta be extra careful with our digital wallets, folks.