NFT Trader Platform Urges Users to Take Action
The NFT Trader platform has experienced a major security breach, resulting in the unauthorized transfer of valuable NFTs. Tokens from collections such as Bored Ape and Mutant Ape Yacht Club, World of Women NFTs, VeeFriends, and Art Blocks have all been affected. The financial impact is significant, with losses amounting to millions of dollars.
Immediate Response from NFT Trader
Following the breach, NFT Trader has issued an urgent call to its users, asking them to revoke permissions associated with two compromised smart contracts. This action is aimed at preventing further unauthorized transfers. In an official post, the company confirmed the attack on “old smart contracts” and emphasized the importance of user vigilance in protecting digital assets.
Hacker’s Actions and Requests
The identity of the main hacker remains unknown, but they have communicated through the blockchain. Initially, the exploit was intended to clean up residual garbage, but it quickly escalated. The hacker is demanding ransoms of 3 ETH and 0.6 ETH for the return of Bored Apes and Mutant Apes respectively. Interestingly, the hacker has refunded one Bored Ape along with 31 ETH to a user and returned certain staked Bored Apes to their owners while keeping the ApeCoin rewards.
There have also been reports of additional hacks resulting in the loss of other NFTs like Cool Cats and Squiggles from users’ wallets. The community response has been mixed, with confusion and concern over the hacker’s unpredictable actions. NFT Trader has not yet provided any comments on these additional incidents.
BAYC Founder’s Intervention
In a significant move, the founder of the Bored Ape Yacht Club, Garga, has offered to pay the 10% ETH bounty demanded by the hacker. This intervention is crucial for resolving the crisis and recovering the stolen NFTs. However, it also raises concerns about setting a precedent for future cyber attacks, suggesting that ransom demands could lead to financial gains for hackers.
Hot Take: NFT Trader Platform Faces Major Security Breach
The NFT Trader platform has been hit by a significant security breach, resulting in the unauthorized transfer of high-value NFTs. This incident has caused substantial financial losses and raised concerns among users about the safety of their digital assets. NFT Trader has taken immediate action by urging users to revoke permissions linked to compromised smart contracts. The hacker responsible for the breach has demanded ransoms and refunded some tokens unexpectedly. The community is grappling with confusion and worry over further potential hacks. The intervention of the Bored Ape Yacht Club founder offers hope for recovering the stolen NFTs, but it also poses questions about incentivizing hackers in future attacks.
By
By
By
By
By