Market Analysis Report (21 Feb 2022)

Source Node: 1613522

OpenSea users have reportedly lost a total of 254 non-fungible tokens (NFTs), according to a spreadsheet compiled by blockchain security service PeckShield. The stolen NFTs belong to well-known collections, including the Bored Ape Yacht Club.

The value of the stolen NFTs is believed to be at around $1.7 million and reportedly occurred through an exploit of a flexibility in the Wyvern Protocol, the open-source standard underlying most NFT smart contracts.

The attack occurred after the hackers’ targets signed a partial contract, with a general authorization and large portions left blank through a phishing scheme. With that signature, attackers completed the contract with a call to their own contract, which transferred ownership of the NFTs without payment.

The exact attack vector hasn’t yet been discovered. Davin Finzer, OpenSea’s CEO, said that its website, listing systems, and emails were not compromised to lead to the attack.

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