- Recently, Treasure marketplace saw an exploit resulting in the theft of its popular Smol Brains and other NFTs.
- Some highlight that the stolen collection solely valued around $1.4 million at the time of the attack.
- The attack resulted in MAGIC’s price drop by approximately 40%.
Hours after exploiting the popular Arbitrum based marketplace Treasure, the hackers have started returning the stolen Smol Brains and other Non-Fungible Tokens (NFTs).
According to the developers, who reached out via Treasures Discord Channel, they think they have identified and rectified the cause of the issue. And that this was a basic bug that arose from a prior fix that should have been found earlier.
The users who do not receive the NFTs would be made up to by a remuneration plan voted on and passed by the community members, who participate in the long-term growth of the marketplace.
The note further highlighted that once they have the complete list of the remaining impacted parties who did not get their NFTs back, they would bring forward various remediation options to make sure the users are made whole. And that the DAO will vote on these options.
The Treasure NFT marketplace is the largest based on the Arbitrum Network, a layer two protocol that operates on the Ethereum Blockchain. Every project listed on the marketplace utilizes MAGIC, its native token in its Metaverse. MAGIC facilitates the users to participate in future decisions and contribute to the growth of the NFT marketplace.
On Thursday, some Hackers were able to break into a vulnerability on the protocol, which allowed them to mint NFTs for zero cost. At that time, Treasure asked the users to delist their NFTs from the marketplace. Blockchain addresses disclosed by investigators reveal that various Smol Brains and Legions NFTs were stolen during the attack. Smol Brains are one of the most popular NFTs on the marketplace.
As a result of the exploit, MAGIC tokens’ prices dropped by around 40%. Treasure is in the limelight the second time, with the first one in February. The Crypto industry and its related concepts work entirely on technology, and these hacks are a common thing to hear.
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The post Treasure witnesses an exploit, Smol Brains NFTs start to return appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/03/24/treasure-witnesses-an-exploit-smol-brains-nfts-start-to-return/