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NFT Projects Experienced Minimal Impact from Trader Hack! The leading indices of the NFT market, the NFT-500 and the Blue-Chip-10, followed an almost unchanged course after the 3 million dollar NFT theft from the trading platform NFT Trader.
The NFT-500 index measured in Ether (ETH) fell by 0.88 percent, while the Blue-Chip-10 index faced a decline of 0.51 percent. The hacker demanded a ransom of 120 ETH (260 thousand dollars) to return the stolen NFTs.
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Thankfully, a large part of the stolen collection was recovered as a result of the intense efforts of the decentralized autonomous organization (DAO) Boring Security.
DAOs are organizations governed by codes instead of leaders. NFTs are unique assets that provide ownership opportunities for players and collectors over digital items through crypto assets.
The experienced hack event had a limited impact on the market, but the NFT-500 index has seen a 49% decrease since the beginning of the year, and the Blue-Chip-10 index has seen a 45% decrease.
This event could focus the future security measures of NFT projects along with the growing concerns about the security and resilience of the crypto community.
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