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Major Hack Hits NFT Trader: Millions of Dollars Worth of NFTs Stolen

Major Hack Hits NFT Trader: Millions of Dollars Worth of NFTs Stolen

The NFT Trader marketplace recently fell victim to a large-scale hack resulting in the theft of millions of dollars worth of non-fungible tokens (NFTs), including numerous Bored Ape Yacht Club (BAYC) NFTs, which are considered the most expensive in history.

As soon as the breach was discovered, the marketplace instructed its users to revoke all authorizations and signatures associated with NFT Trader.

According to the latest information, the hacker exploited a security vulnerability in two old smart contracts associated with NFT Trader, gaining illegal access to these highly valued digital assets. The marketplace stated, ‘A malicious code was executed by a third party on two old smart contracts.’

The Assets About to be Restored?

A few hours after the hack, the hacker demanded a ransom of 3 ETH per Bored Ape and 0.6 ETH per Mutant Ape in exchange for returning the stolen funds. Furthermore, some NFTs, mainly BAYCs, have already been restored to their owners.

The hacker also published a public message, stating that the funds are ‘safe and secure’:

‘First of all, the apes are safe […] I don’t know much about NFTs, but I checked the NFT prices, and I believe there are significant profits to be made from exploits […] I am a good person; the value of these NFTs is enough for someone to live a free life, but I don’t care. I prefer to pick up the remnants of trash.’

– the attacker declared

NFT Trader Implements ‘All Necessary Measures’

NFT Trader released a statement pledging to take immediate action to address the issue and strengthen its security.

Additionally, NFT Trader claims to be a secure platform, stating that it has been using the ‘Seaport’ protocol for over a year, which they believe has ‘significantly improved their security measures.’

However, this incident serves as a powerful reminder of the challenges that the thriving NFT market still faces in terms of security and reliability.

Although the story ends relatively well, it could have a negative impact on the trust of NFT investors and collectors, a sector already scrutinized for its volatility and risks.

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