The only reason why NFT holders have been spared from rug pulls, and other vices common in DeFi, Qiao Wang observes, is because we are “very early on.” Malicious agents, he analyzes, are yet to explore the composability/programmability aspect of NFTs fully. This exploration could probably discover loopholes for exploitation.
Thank you for this important article reminding us of the security threats of owning NFTs. Fraud and scams are rife in the NFT space. Usually this is by social engineering where someone is persuaded to click a link of fill in a form which then downloads something to their device and ends up emptying their wallet.
We need to be vigilant, trust no one and always use 2FA.
Ever since I entered the NFT market, I've learned that there are many types of fraud. I'm still learning.
At first, I found out that it was made with a Backed token. Then it was done with the link sent. An NFT can be a very similar copy, etc., etc.
It's a kind of fraud, and it happens in everyday life. We have to pay attention to them anyway. Besides, there's a hack.
I honestly believe it's well encrypted. I don't think he'd have gotten this big otherwise. In addition, such a process that happens to be registered on the network and can be interfered with. These I don't know it's complicated. I'm usually careful not to keep a lot of money in my account. It's my way of protecting myself. I hope it doesn't happen to anyone.
It's a beautiful and informative article. Frankly, I'm a little scared. But fear is good, it keeps us alert.
In fact, instead of direct hacking, ways such as connecting your wallet are used. Because of this, it doesn't seem to be a lot of trouble. But this is just the beginning. Maybe there are a lot of groups engaged in hacking. I hope they don't succeed. And especially the wallet you hacked is very important.
For example, if a wax wallet can't sell the NFTS in it after it gets its hands on it, it won't make sense. Hacking can be unreasonable because NFT s are closed to instant sale. In fact, it is not closed to instant sale, but it should wait for very long periods of time in low-volume collections. At this time, you can also restore recovery etc.
It's more difficult than hacking a DeFi due to their uniqueness and difference on their contracts., Even if something like this happens that wouldn't be good for the sake of hacker. NFTs aren't like currencies; hacker can dump the coin immedietaly after hacking process because there are huge markets volatility going on, but it's not the same for NFTs.
NFTs have free market where everyone can interprete the prices, so if a hack happens could hacker sell hundreds of same/similar NFTs at the same time? - I don't think so. People would notice this and take the price even lower, both hacker and people end up dumping the price. I don't think hacker can get the amount in his/her mind. ( I think so because I often saw dumping moments on Atomichub, it is almost impossible to sell NFTs for the value they deserve if any bad news come because some constantly lowers the floor price.)
I also don't agree on the idea 'NFTs or NFT spaces are a bubble that would soon pop'. There might be overvalued NFTs and NFT collections but overall NFT hype is real and happening. They symbolize digitalization of art, I don't think it is even close to an end.
NFTs may not have as many instant buyers as cryptocurrencies. So I'm not sure if the hacker would wait for it. There are still very valuable NFTs out there, we never know.
Thank you for this important article reminding us of the security threats of owning NFTs. Fraud and scams are rife in the NFT space. Usually this is by social engineering where someone is persuaded to click a link of fill in a form which then downloads something to their device and ends up emptying their wallet.
We need to be vigilant, trust no one and always use 2FA.
Ever since I entered the NFT market, I've learned that there are many types of fraud. I'm still learning.
At first, I found out that it was made with a Backed token. Then it was done with the link sent. An NFT can be a very similar copy, etc., etc.
It's a kind of fraud, and it happens in everyday life. We have to pay attention to them anyway. Besides, there's a hack.
I honestly believe it's well encrypted. I don't think he'd have gotten this big otherwise. In addition, such a process that happens to be registered on the network and can be interfered with. These I don't know it's complicated. I'm usually careful not to keep a lot of money in my account. It's my way of protecting myself. I hope it doesn't happen to anyone.
It's a beautiful and informative article. Frankly, I'm a little scared. But fear is good, it keeps us alert.
In fact, instead of direct hacking, ways such as connecting your wallet are used. Because of this, it doesn't seem to be a lot of trouble. But this is just the beginning. Maybe there are a lot of groups engaged in hacking. I hope they don't succeed. And especially the wallet you hacked is very important.
For example, if a wax wallet can't sell the NFTS in it after it gets its hands on it, it won't make sense. Hacking can be unreasonable because NFT s are closed to instant sale. In fact, it is not closed to instant sale, but it should wait for very long periods of time in low-volume collections. At this time, you can also restore recovery etc.
I hope we never encounter more hacking incidents.
It's more difficult than hacking a DeFi due to their uniqueness and difference on their contracts., Even if something like this happens that wouldn't be good for the sake of hacker. NFTs aren't like currencies; hacker can dump the coin immedietaly after hacking process because there are huge markets volatility going on, but it's not the same for NFTs.
NFTs have free market where everyone can interprete the prices, so if a hack happens could hacker sell hundreds of same/similar NFTs at the same time? - I don't think so. People would notice this and take the price even lower, both hacker and people end up dumping the price. I don't think hacker can get the amount in his/her mind. ( I think so because I often saw dumping moments on Atomichub, it is almost impossible to sell NFTs for the value they deserve if any bad news come because some constantly lowers the floor price.)
I also don't agree on the idea 'NFTs or NFT spaces are a bubble that would soon pop'. There might be overvalued NFTs and NFT collections but overall NFT hype is real and happening. They symbolize digitalization of art, I don't think it is even close to an end.
NFTs may not have as many instant buyers as cryptocurrencies. So I'm not sure if the hacker would wait for it. There are still very valuable NFTs out there, we never know.
I don't think a hacker would bother hacking them. On second thought, they can try to hack incredibly valuable NFTs. :P
I wonder what the consequences would be if an NFT on a different blockchain was minted on another blockchain by right-clicking and saving.
If there's value in something and it could be hacked, then It definitely will be.
Gotta be careful out there
Thanks Dalmas!
unfortunately hackers (thieves) are everywhere. You can't prevent it because hacking will always exist as long as something has stealable value.
I hope nft markets like Atomichup have set up a nice protection system. I don't want to hear such sad news in the future.