Here’s how OpenSea NFT hacks hurt owners, buyers and even entire collections

2022.04.12 21:01

Here’s how OpenSea NFT hacks hurt owners, buyers and even entire collections

The nonfungible token (NFT) market has been booming since the summer of 2021 and as NFT prices skyrocketed, so too did the number of hacks targeting NFTs.

The most recent high-profile hack siphoned approximately 600 Ether (ETH) worth of NFTs from Arthur0x, the founder of DeFiance Capital, which were then sold on OpenSea.

The security measures at OpenSea cannot protect users

Blocking stolen NFTs creates indirect victims

Blocking NFTs could artificially increase the price

Preventive measures and an evidence-based system need to be in place

Common misconceptions about crypto hacking

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