- An exploit has been discovered in Treasure, the largest marketplace for non-fungible tokens (NFTs) on the Arbitrum network.
- The hacker was able to ‘purchase’ such products for zero MAGIC because of a weakness in the platform.
“Give up all of my Smols to fix it”
Treasure DAO co-founder John Patten acknowledged the vulnerability in a tweet on March 2 evening.
“The treasure market is being abused.” Please de-list your stuff. We’ll cover the price of the exploit – I’ll personally give up all of my Smols to fix it,” he stated.
The treasure had earlier today encouraged users to “delist everything” via instructions posted on its Discord service, and the marketplace had been suspended. Its officials then stated that they felt they had found the problem.
Zero MAGIC
PeckShield, blockchain security, and data organization provided an investigation of the event on March 3rd, saying that more than 100 NFTs from various collections had been taken from the Treasure marketplace.
PeckShield also stated that the hacker was able to ‘purchase’ such products for zero MAGIC because of a weakness in the platform’s coding that enabled item pricing to be changed.
The outrage on social media
The announcement sparked outrage among Treasure users, who turned to social media to warn others.
The precise scope of the attack and which products were taken remain unknown, but a blockchain address connected with the hacker — provided by Twitter sleuths — provides some clue.
The hacker seems to have obtained the parts without even having to pay for them.
That address appears to indicate that 17 Smol Brains, maybe the most popular NFTs traded on Arbitrum, were stolen. Based on their published cost on the Treasure platform, the total value of these things is 426,511.38 in MAGIC, Treasure’s native token, or nearly $1.4 million at current rates.
According to CoinGecko, news of the breach caused the price of MAGIC to plummet from roughly $3.8 to as low as $2.6. The token’s price has rebounded considerably in the hours following the exploit, and it is presently trading at around $3.3.
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The post <strong>Treasure marketplace exploitation: asks users to delist NFTs </strong> appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/03/26/treasure-marketplace-exploitation-asks-users-to-delist-nfts/