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On Monday morning, many non-fungible tokens (NFTs) were stolen from LiveArtX's Meta Morphic: Seven Treasures (7 Treasuries) Collection. The 197 NFTs were moved to a wallet with the address "0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920" by the exploiter after gaining access to the platform's treasury wallet. Subsequently, he began selling NFTs for significantly less than their quoted pricing, violating the collection's base price. https://twitter.com/LiveArtX/status/1581736201111089152? The collection's price dropped from 1 Ether (ETH), roughly $1,300, to 0.1 Ether, or $130. According to LiveArtX, the stolen NFTs have been frozen, and the company is attempting to locate the attacker.
Private Keys Of 7 Treasuries Stolen
According to LiveArtX, the breach reportedly happened when someone obtained the private keys of the 7 Treasuries collections and was able to sell every NFT as a result. In blockchain technology, a private key is a confidential number, similar to a passcode, that enables its owners to access, transmit, and modify information relating to the data or tokens of that encryption key. According to team members, the smart contract was changed in the wake of the event, which means the stolen private key is no longer applicable, and customers cannot buy or trade the currently-listed NFTs on OpenSea.
No Necessary Precautions
LiveArtX claimed it had not taken the necessary precautions to prevent the assault in a statement on the Discord server. The platform stated that the Treasury wallet and the operations wallet were combined, and for the Treasury wallet, the platform failed to build a multi-signature system. The platform collected $4.5 million earlier this year from well-known cryptocurrency investors, including Animoca Brands, BNB Chain Fund, and KuCoin, Alameda Ventures.
Mango Markets' $100 Million Exploit
The decentralized exchange Mango was the most recent target of a barrage of vulnerabilities and attacks that cost the crypto industry $117 million in cryptocurrency. Later, the exploiter publicly justified the assault and gave back $67 million. Chainalysis, a blockchain detective, claims October has already been the worst month for cryptocurrency attacks.