There is a new Crypto market called NFTs it is a non-fungible token is a non-transferable unit of data that may be sold and traded and is held on a blockchain, a type of digital ledger. Digital media such as photographs, videos, and audio may be connected with several types of NFT data units. If you’re looking to buy or sell NFT tokens, you’ll want to look no further than OpenSEA.
OpenSea is a non-fungible token marketplace based in New York City, United States. Devin Finzer and Alex Atallah started the company.
The hack occurred shortly after OpenSea announced a new smart contract upgrade with a one-week deadline to remove dormant NFTs off the platform.
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Users were asked to convert their listed NFTs from the ETH blockchain to a new smart contract as part of the smart contract upgrade. Within hours of OpenSea’s update announcement, many sources reported on an active attack targeting the soon-to-be-delisted NFTs.
According to sources reporting on this, high-value consumers were targeted by a hacker, according to what we know now:
The attacker plundered the Ethereum wallets of an estimated 32 collectors on the leading NFT marketplace. Peckshield revealed that they took over 250 items from high-value collections such as Bored Ape Yacht Club, Doodles, Azuki, and NFT Worlds, according to on-chain data. Crypto Briefing estimates the overall haul to be worth over 1,000 Ethereum, or $3 million, based on the floor prices for the collections. The attacker’s wallet currently includes 641 Ethereum worth around $1.7 million, as well as a number of stolen NFTs.
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Because the contracts are unique but sold on a centralized marketplace, such as OpenSea, NFT faces a distinct set of security issues than the user-exchange approach. Hackers are also aware of prominent NFT sellers because their marketplace profiles are what allows them to sell NFTs for millions of dollars, making them a target.
OpenSea is a good company, and they’ll most likely fix this issue so it doesn’t happen again. This isn’t an indication that NFTs are in a bubble, and there’s no hidden message here; it’s simply a new version of Blockchain that draws a new set of risks. It’s also a buy signal for Blockchain security firms, which we’ll discuss in more detail in a future piece.