NFTs Worth $1.7 Million Stolen from Opensea Users

It has been reported that hackers have wiped off hundreds of NFTs worth $1.7 million from Opensea users. This caused a great amount of panic among users late on Saturday night. 

In a spreadsheet created by the blockchain security service PeckShield, around 254 tokens were stolen from 32 users during the attack including those from Bored Ape Yacht Club and Decentraland.

The phishing attack does not appear to be active anymore. 

These attacks have again sparked controversy highlighting the risks involved with the decentralized system.

SEE ALSO: World’s Largest Crypto Exchanges Binance Invests $200 Million in Forbes

Opensea investigates recent phishing attack

At the moment, Opensea is investigating the “phishing attack” that appears to have taken place on Saturday. It has also asked users to share any information that could help them in their investigation. 

David Finzer, Opensea’s Chief Executive said that the company does not believe that these attacks were connected to the Opensea website. Around 32 users have reportedly signed a payload from the hacker, and some of their NFTs were taken away. 

Finzer said that some of the stolen NFTs were returned by the hacker for reasons that are not known yet. As of now, it appears that the attack was carried out by a single person. 

Over the past few years, the popularity of non-fungible tokens (NFTs) has steadily increased.

These attacks appear to have taken advantage of the flexibility in the Wyvern Protocol – the open-source standard which underlies almost all NFT smart contracts including the ones made on Opensea. 

At the moment, a lot of details regarding the attack are unclear, especially the route taken by the attacker to sign the half-empty contract. 

Opensea capitalizes on recent NFT boom

After Opensea’s valuation touched $13 billion in the latest funding round, it has become one of the valuable firms in the NFT space. 

It offers a very simple interface on which users can list, browse, and bid on tokens without interacting with the blockchain directly. However, many say that this success has come with its fair share of security issues.

The company has had a tough time dealing with attacks that leveraged poisoned tokens or old contracts to take away a user’s valuable holdings. At the time of the attack, the platform was in the process of updating its contract system. Opensea has denied that the phishing attacks originated from the new contracts. 

SEE ALSO: Kickstarter Decelerates Blockchain Rollout amid User Backlash

Feature Image Source: Image by Pete Linforth from Pixabay 

 

Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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