A hacker has run off with $1.7 million worth of NFTs
Published on Feb 21, 2022 at 11:46 PM (UTC-5)
by Alessandro Renesis
Last updated on May 26, 2022 at 6:56 AM (UTC-4)
Edited by
Alessandro Renesis
A hacker has reportedly stolen $1.7 million worth of NFTs on the OpenSea marketplace, including some from the most hyped collections – the Mutant Ape Yacht Club and the Bored Ape Yacht Club.
OpenSea is one of, if not the world’s leading NFT marketplace, but its dominance is being challenged.
The platform has grown so big, so quickly that it’s made itself vulnerable to cyber attacks.
That’s almost expected, with a monthly trading volume in excess of $3.5 billion (yes, billion with a ‘B’).
A few days ago, OpenSea users started seeing anomalies on the platform, and just a few hours later, it was revealed a hacker used a smart contract* to exploit a flaw in the platform.
The attacker(s) then reportedly sold $1.7 million worth of stolen NFTs.
With the latest upgrade, OpenSea wanted to phase out older contracts by removing them from the platform, but the contracts weren’t removed from the network entirely, which means that the attacker was basically able to buy NFTs at yesterday’s price.
To give you an example, it would be like allowing someone to buy a Rolex Daytona or a Ferrari Testarossa at 1980s prices… in 2022.
Ironically, OpenSea’s upgrade was designed to do exactly the opposite of that, it was designed to allow users to cancel older, unfulfilled contracts while saving on gas fees**.
* a ‘Smart Contract’ is a protocol designed to enable automatised transactions, based on clauses on pre-requisites that are written in the code of the contract, meaning these contracts are immutable and immune to corruption or alteration.
** in the crypto world, the term ‘Gas Fees’ simply refers to the transaction fees on the Ethereum network.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
