Global Intel Hub — NFTs are the hot new market in Crypto which is puzzling traders who don’t get art because each one is unique, and you can’t make a market with millions of unique contracts. OpenSea has risen to the top of the NFT marketplace pile and is a sought after company in the secondary markets (See Pre IPO Swap). Now that platform which works directly with users wallets was exploited using a phishing technique for $200m USD worth of Crypto:
BREAKING: Over $200,000,000 worth of NFTs have been stolen from OpenSea via an email phishing hack. pic.twitter.com/nBplXiO4gt
— Plugged Inn (@pluggedinn) February 20, 2022
This may seem like a lot of money, but with NFTs selling for $5 Million and more perhaps this isn’t as big as it looks. But it does raise concerns about security which may make investors hesitate to jump in to the new market.
According to what we know now, high value users were targeted by a Hacker, according to sources reporting on this:
The attacker targeted an estimated 32 collectors on the top NFT marketplace and drained their Ethereum wallets. On-chain data posted by Peckshield shows that they stole over 250 pieces from high-value collections like Bored Ape Yacht Club, Doodles, Azuki, and NFT Worlds. Based on the floor prices for the collections, Crypto Briefing estimated the total haul to be worth over 1,000 Ethereum, or $3 million. The attacker’s wallet currently contains 641 Ethereum worth around $1.7 million, as well as a selection of the stolen NFTs.
NFT poses a different set of security risks compared to the user-exchange model because the contracts are unique but sold on a centralized marketplace, i.e. OpenSea. Also, top NFT sellers are known to hackers because their profiles on marketplaces is what helps them sell NFTs for millions of dollars, thus making them a target.
OpenSea is a solid company and they will likely patch this problem so that it never happens again. This isn’t a sign that NFTs are a bubble and there is no hidden meaning here – it’s just a new iteration of Blockchain that attracts a different element of threats. Also, it is a buy signal for Blockchain security companies, which we’ll get into in another article.
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