A recent hack on the NFT Trader platform led to a $3 million loss in stolen digital assets including rare NFTs.

In a recent breach of digital security, the peer-to-peer trading platform NFT Trader experienced a major hack on December 16. This incident led to the theft of several high-value nonfungible tokens (NFTs), resulting in nearly $3 million in losses. Hackers successfully targeted outdated smart contracts on the platform, leading to the unauthorized transfer of multiple NFTs, including tokens from popular collections such as Mutant Ape Yacht Club and Bored Ape, along with VeeFriends and World of Women.

NFT Trader swiftly acknowledged the breach via their official X account (formerly known as Twitter). They advised their user base to immediately revoke any delegations linked to two specific addresses involved in the hack: 0xc310e760778ecbca4c65b6c559874757a4c4ece0 and 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af. This measure was an effort to prevent further unauthorized access to users’ digital assets.

The scale of the theft was substantial. Thieves made off with at least 13 Mutant Ape Yacht Club and 37 Bored Ape tokens, as well as select pieces from the VeeFriends and World of Women collections. Revoke.cash, a platform that assists in tracking and reversing unauthorized blockchain transactions, estimated the total value of the stolen NFTs to be close to $3 million.

The Hacker’s Motive

Following the heist, numerous unverified claims and misinformation began circulating across various social media platforms. The precise number of hackers involved remains uncertain. Interestingly, one individual claiming to be part of the attack admitted to exploiting the security flaw after another hacker had initially breached the system. They portrayed themselves as merely capitalizing on an existing opportunity, likening their actions to scavenging.

This individual, asserting a lack of advanced technical skills, suggested a ransom arrangement for the return of the stolen NFTs. They proposed that victims pay a 10% bounty in Ether to recover their digital assets. This unconventional approach to ransom demands further muddies the waters surrounding the hacker’s true intentions and capabilities.

In an unexpected turn of events, one of the victims reported receiving one of their rare NFTs back from the hacker, along with 31 ETH, which amounted to approximately $70,680 at that time. This unusual gesture added another layer of complexity to the incident, leaving many in the cryptocurrency community baffled.

The post NFT Trader Hack: $3M Stolen appeared first on Crypto Academy.

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Filed under: Bitcoin - @ December 17, 2023 4:15 pm