NFT Trader, a leading peer-to-peer trading platform, has shockingly fallen victim to a significant security breach that resulted in the unauthorized transfer of a large number of high-value NFTs. Affected collections include Bored Ape and Mutant Ape Yacht Club, World of Women NFTs, VeeFriends and Art Blocks, causing staggering financial losses running into millions. The hacker’s altcoin requests attract attention. Here are the details…
Altcoin and NFT platform NFT Trader made an urgent call
In response to the breach, NFT Trader issued an urgent call to its users, asking them to revoke permissions associated with the two compromised smart contracts. This critical measure aims to prevent further unauthorized transfers and prevent crypto assets from falling into the wrong hands. The company confirmed the attack on “legacy smart contracts” via a detailed post on its official channels and emphasized the importance of users being vigilant about securing their NFT assets.
As the community grapples with the aftermath of this incident, reports indicate that the breach targeted specific high-profile collections, raising concerns about the overall security of the platform. NFT Trader has emphasized the need for user cooperation in implementing security measures to protect against future threats.
Details of the hacker’s actions
By communicating via Blockchain, the hacker shed light on the reasons behind the exploit. The situation escalated when the hacker, who initially claimed that the attack was aimed at cleaning up “leftover garbage,” demanded a ransom of 3 ETH and 0.6 ETH for the return of the Bored Ape and Mutant Ape, respectively. The unpredictability of the hacker’s actions left the community in confusion and anxiety.
Unexpectedly, the hacker returned a Bored Ape along with 31 ETH to a user, raising questions about the motive behind such selective actions. Additional reports highlight helpful hacks affecting other NFT collectibles, such as Cool Cats and Squiggles, further adding to the complexity of the situation. NFT Trader has not yet responded to requests for comment regarding these additional events, leaving users searching for answers.
An offer came from the founder of BAYC
In the midst of the crisis, Garga, founder of Bored Ape Yacht Club (BAYC), stepped in by offering to pay the 10% ETH reward demanded by the hacker. While this intervention is crucial to resolving the crisis and recovering stolen NFTs, it raises ethical concerns within the community. The act of paying ransom could set a precedent for future cyberattacks. It could potentially encourage hackers to seek financial gain through such malicious activities.
The NFT community is going through a challenging time, grappling with the fallout from one of the most significant security breaches in recent memory. The repercussions go beyond financial losses, sparking debate about trading platforms’ security practices and ethical considerations surrounding ransom payments. While investigations are ongoing, the NFT Trader platform and affected users remain on high alert, highlighting the need for enhanced security measures in the rapidly evolving Bitcoin and altcoin landscape.
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