Juliet BIn a few months, the NFT became more valuable assets than a bottle of Dom Pérignon or even a racing car, for some. Hello BAIC 😉 Remember that recently, the artist Grimes sold a series of 10 NFTs for around $6 million.
Even though the market is suffering a decline lately, NFTs are attracting more and more scammers. Indeed, when there is money, hackers are never far away.
NFT hacks have indeed become more and more common. And if the blockchain which hosts the non-fungible tokens is rarely at fault, it is rather the services, platforms and digital networks that their owners use to buy, exchange or store their NFTs which are hacked.
A look back at the biggest NFT hacks of recent weeks. Zone Bitcoin also shares some tips for protecting your NFTs!
NFT hack: Ever more spectacular diversions
The most spectacular NFT hack in recent months has undoubtedly been that of the NFTs of Arthur0x, the founder of DeFiance Capital. Its non-fungible tokens, worth around 600 ETH had been sold on the OpenSea platform.
The opportunity to recall that according to a report published by Chainalysis, the value transferred to NFT markets by illicit addresses increased significantly in 2021.
Given the worrying increase in illicit value circulating on NFT platforms, it is natural to ask whether security measures exist to protect their holders.
Back to OpenSea. Largest NFT Platform Planst two protection devices in the event of an NFT hack. The first is to lock the hacked account, the second is to block the stolen NFTs.
On closer inspection, these two measures actually turn out to be rather ineffective.
Account locking can be done on the platformOpenSea without human approval. Blocking NFTs implies a long process of creating a support ticket then wait for the response from the support teamopensea.
In the event that a hacker has already compromised the wallet in question and is in the process of transferring the NFTs, the locking of the account would only be effective if it was in effect before the hacker siphoned off the account. Likewise, the blocking of NFTs is also only effective before the NFT be sold to another buyer by the pirate.
Become aware.
Indirect victims of NFT hacks
Worse still, this security measure creates a series of indirect victims. The latter indeed find themselves with their NFTs blocked, unable to sell or even transfer them.
In fact, the average response time once a support ticket has been submitted via OpenSea is more than a day. By the time the hacked NFTs have been blocked by OpenSea, they will in reality already be sold to another buyer, causing a new victim.
In the case of the 17 Azuki NFTs stolen from Arthur0x, 15 were hacked in the same minute and two were hacked three minutes apart. The hacked NFTs then only remained on the wallet for 43 minutes. pirated before being sold. Which clearly proves that the measures taken by OpenSea are nowhere near fast enough to notify the victim and stop the hacker.
Similarly, if for example you “mint” an NFT from an inauthentic project, the problem can be more serious in the long run. It can block all transactions
Learn basic actions to protect yourself
Another scenario: hackers pose as the company behind the hacked NFTs.
This is what happened recently for some of the famous Bored Apes. On April 25, hackers managed to steal 134 NFTs with a total value of 2,52 million euros. Among the hacked NFTs are several creations from Yuga Labs, including BAYC.
The company began by stating on Twitter that no NFT mints were in progress. But above all, his Instagram account had probably been hacked. Too late: a crypto investor had already purchased 12 stolen BAYC on OpenSea. The profile linked to the hacker's wallet address had of course been deleted from the platform when the victim published his screenshot on the social network.
The contents of the hackers' wallet were not found until much later. It is lAmerican media The Verge who followed his trail on the Rarible marketplace. In total, 134 NFTs would have been hacked on this occasion… For now.
According to the latest estimates, the value of each of the hacked NFTs exceeds 100K euros. To deceive their owners, hackers started by hacking Yuga Labs’ Insta account (overriding double authentication, which was activated at the time of the attack). They then invited its subscribers to an online event: a fake NFT airdrop. Victims who clicked on the corrupted link then lost control of their wallets.
A technique that had already proven itself. In early 2022, the Discord channel of Bored Ape Yacht Club had also been hackedé. The hackers used the same ploy, inviting NF holders to click on a link to participate in a airdrop...
It is really recommended not to click on any link. This is even more true on social networks…
How to protect yourself against hacking of your NFTs?
Given the nature of NFTs, which are backed by blockchain, NFT marketplaces like Nifty or OpenSea do not have control over non-fungible tokens once they have been hacked. It is therefore often unlikely, if not downright impossible, to recover an asset that has been stolen. Some offer insurance to compensate victims.
🤓 The challenge is therefore to avoid NFT hacks before they happen.
👉 Some platforms push to activate two-factor authentication and never reuse the same password twice. So far, nothing new under the sun! With hackers spreading their nets on social networks, marketplaces also encourage potential buyers not to click on links. Even those coming from the official account of a company selling NFTs!
👉 Use a cold wallet. Although two-factor authentication adds an extra layer of security, it generally won't be enough. For example, you can store your NFTs in cold wallets (like Ledger for example).
In fact, proceed the same way you would with your BTC or any other cryptocurrency.
👉 Double-check the mint URL address and check the correlation of addresses by following the official links. Follow them directly from the project's social networks (or website) directly. Do not click on the links displayed. Also avoid following links that are sent to you in private message. In general, it's an outright scam.
👉 If you connect to a dAPP, don't forget to Revoke permissions from your wallet.
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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