Wednesday, 19 June 2024
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CryptoNFTs

Under Multiple Attacks, NFT Trader Loses $3 Million

  • NFT Traders have suffered large losses as a result of several vulnerabilities that have attacked the platform.
  • Three million tokens were taken during the incident on December 16.
  • After losing 3.21% during the previous week, the cryptocurrency market is still worth $1.541 trillion.

Users of the peer-to-peer non-fungible token trading platform NFT Trader have suffered large losses as a result of several vulnerabilities that have attacked the platform.

Three million tokens, including some VeeFriends, 37 Bored Ape, 13 Mutant Ape Yacht Club, and World of Women NFTs, were taken during the incident on December 16. In addition to advising customers to remove access to some of its affected smart contracts, NFT Trader verified the assault.

NFT Trader

After NFT Trader updated the smart contract to fix a reentrancy vulnerability, the assaults were verified. A message was shared by one of the NFT Trader hackers, posing as a scavenger who had come “for the leftover trash.”

Claiming to have recognized the great worth of NFTs, the hacker put up a 10% Ether (ETH) bounty, or 3 ETH for each Bored Ape and 0.6 ETH for each Mutant Ape Yacht. The same hacker, according to a victim, has since returned part of the wealth, including 31 ETH and a rare NFT, but he is still holding onto the Apecoin incentives.

Over the past year, there has been a 50% reduction in cryptocurrency attacks; in 2023, $1.7 billion was lost to crypto hackers, which is less than half of the $4 billion that was reported in 2022.

tighter industry coordination, more law enforcement operations, and tighter security standards are to blame for this decrease. After losing 3.21% during the previous week, the cryptocurrency market is still worth $1.541 trillion.

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