NFT Trader Suffers $3 Million Loss In Multiple Attacks

The NFT Trader platform recently fell victim to a series of multiple exploits, resulting in substantial losses for users. The incident occurred on December 16, with attackers making away with $3 million worth of tokens, including notable NFTs like 13 Mutant Ape Yacht Club, 37 Bored Ape, VeeFriends, and World of Women NFTs.

NFT Trader has acknowledged the attack and advised users to revoke access to some of its old smart contracts, which it believes were compromised. A user named foobar, in a post on X, reported that the attacks have ceased after NFT Trader implemented a smart contract update to address a reentrancy vulnerability on its platform.

In a surprising twist, one of the hackers claimed that the exploits originated from another attacker and referred to themselves as a scavenger who arrived "for the leftover trash." The hacker admitted limited technical skills, expressed awareness of the high value of NFTs, and expressed willingness to return the stolen NFTs to users for a 10% bounty in Ether (ETH), equivalent to 3 ETH per Bored Ape and 0.6 ETH per Mutant Ape Yacht.

Interestingly, a victim of the NFT Trader exploit has reported that the same hacker returned some of the stolen assets, including 31 ETH and a rare NFT, while retaining the Apecoin rewards.

On a broader note, recent data from TRM labs indicates a significant decline in the total volume of hacks in the crypto ecosystem over the last year. In 2023, $1.7 billion was lost to crypto hackers, representing a notable reduction of over 50% compared to the $4 billion recorded in 2022. TRM attributes this decline to enhanced security protocols, increased law enforcement actions, and improved industry coordination.

As of the latest update, the overall cryptocurrency market is valued at $1.541 trillion, having experienced a 3.21% loss in the last week.

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