nft Trader, a peer-to-peer non-fungible token trading platform, has suffered a series of multiple attacks resulting in multi-million dollar losses to users' assets. The incident occurred on December 16, and bad actors made off with $3 million worth of tokens, including 13 Mutant Ape Yacht Club, 37 Bored Ape, some VeeFriends, and World of Women NFTs.
nft Trader has since confirmed the attack via a x publication advise users to revoke access to some of their old smart contracts, which it claims to have been compromised. According a publication According to X user foobar, the attacks ended after nft Trader implemented a smart contract update to eliminate a reentry vulnerability on its platform.
We have suffered an attack on old smart contracts, please remove delegation using https://t.co/zEMgkS96nP to the following addresses:
-0xc310e760778ecbca4c65b6c559874757a4c4ece0
-0x13d8faF4A690f5AE52E2D2C52938d1167057B9af— nft Trader (@NftTrader) December 16, 2023
nft Exploiting Trader Seeks 10% Reward to Return Stolen Asset
In an interesting turn of events after the attacks, one of the nft Trader hackers shared a message in which he attributed the origin of the exploits to another attacker. In this message, the hacker claims to be a scavenger who came “for the trash.”
The hacker said:
The original exploiter of the vulnerability was not me, it was him, 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46. At first, as always, I came here to collect residual garbage. At first, I thought I could only get TOKEN, but I finally found out that I could also get nft.
The exploiter claims to have realized the high value of NFTs. They also admitted to having limited technical skills and are open to returning stolen NFTs to users in exchange for a 10% reward paid in Ether (eth), representing 3 eth for Bored Ape and 0.6 eth for Mutant Ape Yacht.
However, in another disconcerting development, a victim of the nft Trader exploit claims The same hacker has now returned some of the loot, including 31 eth and a rare nft, although he keeps the Apecoin rewards.
Cryptocurrency hacks decreased by 50%
In more positive news, the total volume of hacks in the crypto ecosystem has seen a significant decline over the last year. According recent data from TRM laboratories, A sum of $1.7 billion was lost to crypto hackers in 2023. And while this figure is quite significant, it represents a decrease of over 50% from the $4 billion recorded in 2022.
In its safety report, TRM notes that this reduced volume of losses can be attributed to several factors, including enhanced safety protocols, increased law enforcement actions, and better industry coordination.
At the time of writing, the cryptocurrency market is still valued at $1.541 trillion, having experienced a 3.21% loss in the last week.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/NFT-Trader-Suffers-3-Million-Loss-in-Multiple-Attacks" alt="nft Trader” width=”1479″ height=”893″/>
Total crypto market cap valued at $1.1541 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Simplilearn, Tradingview chart