Binance Helps Recover Funds Lost by NFT God in Russian Hack
The security team at Binance has successfully recovered a portion of the $150,000 worth of digital assets that crypto influencer NFT God lost to Russian hackers. Binance tracked the hackers for months and seized the stolen funds as they were moved around. NFT God expressed his gratitude and was moved to tears by the recovery.
Main Breakdowns:
- Binance security team assists NFT God in recovering lost funds
- Portion of $150,000 worth of digital assets returned
- Binance tracked Russian hackers and seized funds gradually
- NFT God lost assets in exploit involving malware
- Hackers stole ETH and NFTs, swapped funds on decentralized exchange
NFT Market Slump and Controversy over Royalties
The NFT market has been facing a slump, with trading volume and floor prices hitting record lows. In July, NFT trading volume fell by 29% to $632 million, and token sales dropped by 23% to $3.7 million. Additionally, tensions have arisen between traders and creators due to controversy surrounding royalty rates. Top NFT exchanges like Blur and OpenSea have reduced royalty rates, leading to a decrease in royalties paid to artists. This move aims to incentivize more buying and selling in a struggling market.
Main Breakdowns:
- NFT market experiencing significant slump
- Trading volume and token sales decline in July
- Tensions between traders and creators over reduced royalty rates
- Lower royalties aim to boost market activity
- Royalties drop from $269 million to $4.3 million
Hot Take
The recovery of funds by Binance for NFT God demonstrates the importance of strong security measures in the crypto space. It also highlights the ongoing challenges faced by the NFT market, particularly in terms of trading volume and artist royalties. As the market continues to evolve, finding solutions to these issues will be crucial for its long-term success.
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