Non-fungible token (NFT) platform LiveArtX saw several NFTs of its Meta-morphic: Seven Treasures Collection stolen early Monday.
The exploiter gained access to the platform's treasury wallet and transferred 197 NFTs to a wallet with the address "0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920" and then started selling the NFTs at prices much lower than their previously listed values, breaking the floor price of the collection.
We are doing all we can to resolve the issue with the compromised wallet and we will keep the community updated.
— LiveArt (@LiveArtX) October 16, 2022
The price of the collection fell from 1 ether (ETH), or around $1,300, to 0.1 ether or $130. LiveArtX said that the stolen NFTs have been frozen and that it was working on identifying the attacker.
LiveArtX said the exploit apparently occurred after an individual gained access to the private key of the Seven Treasures collections, after which they could sell all the NFTs. A private key is a secret number used in blockchain technology, similar to a password, that allows its holders to access, transfer and change information about the data or tokens of that private key.
Team members said the smart contract was updated following the incident, meaning the compromised private key is no longer valid and users will not be able to purchase or sell the currently-listed NFTs on OpenSea.
In a message on Discord, LiveArtX said it failed to put relevant measures in place to avoid the attack. "We did not separate the operation wallet from the Treasury wallet. We failed to implement a multi-sig mechanism for the Treasury wallet. The private key was passed on to more than one team member," team members said in the message.
Earlier this year, the platform had raised $4.5 million from notable crypto investors like Animoca Brands, BNB Chain Fund and KuCoin, Alameda Ventures. NFTs are digital assets on a blockchain that represent ownership of virtual or physical items.
The crypto world has been bombarded by a slew of exploits and hacks, the most recent being the decentralized exchange Mango, which drained $117 million worth of crypto. The exploiter later came out and defended the attack and returned $67 million. According to blockchain sleuth Chainalysis, October is already the worst month for crypto hacks so far.
By Faith Ashmore, Benzinga
The Shandong testnet will allow developers to experiment with the next phases of Ethereum development, including properly implementing staked ether withdrawals.
The iconic rapper taps Astro Project to make music video assets available to fans.
Lazarus Group is accused of behind the $625 million Ronin Bridge exploit, blockchain analytics firm Elliptic also traced the $100 million Horizon Bridge hack back to Lazarus in June.
Solana’s top NFT marketplace no longer forces traders to pay creator royalties after rival upstarts cut into its market share.
The correlation between cryptocurrencies and stocks means that a wave of corporate earnings this week likely will push digital assets around.
(Bloomberg) — Traders remained on high alert for possible intervention to support the yen Monday after it touched a 32-year low and neared the key psychological 150 per dollar level.The Japanese currency was little changed around 148.60 in Tokyo trading after nine straight weeks of losses. Finance Minister Shunichi Suzuki reiterated to reporters Monday that the country will take bold action if there are speculative foreign exchange moves. “We’re constantly watching the foreign exchange market m
The Australian security regulator has suspended Sydney-based Asset manager Holon Investments from offering or distributing three crypto funds to retail investors for 21 days.
Investment bank Société Générale has gained approval to operate digital asset services in France, in its latest crypto-focused efforts.
(Bloomberg) — Liquidators charged with untangling the blowup of Three Arrows Capital are taking unusual steps to force the crypto hedge fund’s founders, Su Zhu and Kyle Davies, to cooperate with its unwinding. Most Read from BloombergForecast for US Recession Within Year Hits 100% in Blow to BidenS&P 500 Bounces Off Make-Or-Break Technical Level: Markets WrapThe Time to Buy the Dip Is Fast Approaching — for One CountryRussia Hits Ukrainian Capital Kyiv With Kamikaze DronesGoldman Shakes Up Lead
After hitting an all-time high of nearly $69,000 per token last November, Bitcoin has fallen 72% (as of this writing). This has followed the general negative trajectory of the overall stock market as well. Investors have soured on risky assets in favor of safer ones, and this shift has hurt Bitcoin and the cryptocurrency market as a whole.
As India prepares to begin its one-year presidency of the Group of 20 (G20) beginning Dec. 1, it will look to work toward a global, tech-driven regulatory framework for cryptocurrency, India’s finance minister Nirmala Sitharaman said. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “During our engagements, […]
Bitcoin inched up slightly Monday, with the majority of the top 10 cryptocurrencies by market capitalization remaining stable, the only considerable price change coming from XRP’s 3% drop. See related article: South Korea seeks software to track US$7.2B in illegal crypto Fast facts Bitcoin rose 0.83% in the past 24 hours to trade at US$19,296 […]
Managers and workers have the opposite opinions of remote work, Satya Nadella says, but the data doesn’t lie.
The best 5G stocks to invest in will change as smartphone apps, enterprise services and the metaverse develop over time.
Cybersecurity stocks have underperformed vs. the S&P 500. But cloud security companies may be better positioned as corporate budgets tighten.
Kakao’s widespread role in messaging, online banking and other services prompts officials to wonder if South Korea’s “everything app” has grown too large.
Comcast Corp. is boosting internet speeds for more than 20 million Xfinity customers across the country and launching a new 2-gig speed tier across the Northeast. “The number of devices connected in Xfinity households has skyrocketed 12X since 2018, and the need for fast, reliable, and secure Internet will continue to grow,” Bill Connors, Xfinity President for Comcast (Nasdaq: CMCSA), said in a statement. “That’s why today, Xfinity is increasing speeds for most of our customers across the country.”
Stability AI, the company funding the development of open source music- and image-generating systems like Dance Diffusion and Stable Diffusion, today announced that it raised $101 million in a funding round led by Coatue and Lightspeed Venture Partners with participation from O’Shaughnessy Ventures LLC. The tranche values the company at $1 billion post-money, according to a Bloomberg source, and comes as the demand for AI-powered content generation accelerates. London- and San Francisco–based Stability AI is the brainchild of CEO Emad Mostaque. Mostaque co-founded and bootstrapped Stability AI in 2020, motivated both by a personal fascination with AI and what he characterized as a lack of "organization" within the open source AI community.
To gauge crypto's future viability, look beyond the current market misery to major signs of adoption from BlackRock, BNY Mellon, and Google.
Author
Administraroot
