NFT Trader Platform Exploited, Resulting in Multi-Million Dollar Losses
NFT Trader, a platform for trading non-fungible tokens (NFTs), has recently experienced a series of exploits that led to significant financial losses for its users. On December 16, attackers stole $3 million worth of tokens, including popular NFT collections such as Mutant Ape Yacht Club, Bored Ape, VeeFriends, and World of Women NFTs.
The platform has confirmed the attack and advised users to revoke access to compromised smart contracts. NFT Trader has since implemented a smart contract update to eliminate vulnerabilities that allowed the attacks to occur.
Hacker Offers to Return Stolen Assets for a Bounty
In an unexpected twist, one of the hackers involved in the NFT Trader attacks claimed that another individual was responsible for the initial exploits. The hacker referred to themselves as a scavenger who only discovered the potential value of NFTs after the fact. They admitted to having limited technical skills and expressed willingness to return the stolen NFTs in exchange for a 10% bounty paid in Ether (ETH).
Interestingly, a victim of the exploit reported that some of their stolen assets had already been returned by the same hacker. However, they still hold onto the Apecoin rewards.
Crypto Hacks Decline by 50%
In more positive news, data from TRM labs reveals that crypto hacks have decreased significantly over the past year. In 2023, losses due to hacks amounted to $1.7 billion, which represents a 50% decrease compared to the $4 billion lost in 2022.
TRM attributes this decline to improved security measures, increased law enforcement efforts, and better coordination within the industry. Despite this positive trend, the overall cryptocurrency market has experienced a 3.21% loss in the last week, with a total valuation of $1.541 trillion.
Hot Take: NFT Trader Faces Significant Security Breach
The recent exploits on the NFT Trader platform highlight the ongoing security risks associated with cryptocurrency and NFT trading. Users must remain vigilant and take necessary precautions to protect their assets. Additionally, this incident serves as a reminder of the importance of implementing robust security protocols and collaborating with law enforcement agencies to combat cybercrime in the crypto space.
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