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Cyber-security researchers on Wednesday reported that world's largest <keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> (non-fungible token) marketplace called <keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword> had compromised security which, if exploited, could have led hackers to hijack user accounts and steal entire crypto wallets of users, by sending malicious NFTs. After seeing reports of stolen crypto wallets triggered by free airdropped NFTs, Check Point Research (CPR) investigated OpenSea, the world's largest NFT marketplace. The investigation led to the discovery of critical security vulnerabilities on OpenSea's platform. The team immediately disclosed findings to OpenSea, who went onto deploy a fix in less than one hour of disclosure. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> OpenSea is known as the world's largest NFT marketplace, recording $3.4 billion in transaction volume in August alone. "These attacks would have relied on users approving malicious activity through a third-party wallet provider by connecting their wallets and providing a signature for the malicious transaction," OpenSea said in a statement. "We have been unable to identify any instances where this vulnerability was exploited but are coordinating directly with third-party wallets that integrate with our platform on how to help users better identify malicious signature requests, as well as other initiatives to help users' thwart scams and phishing attacks with greater efficacy," the company added. NFTs allow people to buy and sell ownership of unique digital items in cryptocurrencies, and keep track of who owns them using the Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs, or even video games. The investigation of OpenSea was prompted by reports of free airdropped NFTs allegedly gifted to users. The security researchers recommended that users must be careful when receiving requests to sign your wallet online. "Given the sheer pace of innovation, there is an inherent challenge in securely integrating software applications and crypto markets," said Oded Vanunu, Head of Products Vulnerabilities Research at Check Point Software. "We sternly warn the OpenSea community to watch out for suspicious activity that may lead to theft, as we believe bad actors will continue to expand their efforts, in order to hijack crypto wallets while exploiting system vulnerabilities," Vanunu added. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/stablecoin-regulation-will-be-less-risky-in-super-countries-than-in-the-us-according-to-makerdao-founder-rune-christensen/articleshow/86965660.cms">‘We should be ready for the worst’ — MakerDAO founder is not optimistic about the stablecoin regulation in 2022</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/cryptocurrency/news/binance-to-halt-chinese-yuan-crypto-trading-and-restrict-mainland-china-customers-to-withdrawals-only/articleshow/86992235.cms">Binance to halt Chinese yuan-crypto trading and restrict mainland China customers to withdrawals only</a>

A bug in the world's largest NFT market could have allowed crypto wallets to be hijacked or stolen

<ul class="summary-list"><li><keyword id="12012796" type="UNKNOWN" weightage="60" keywordseo="opensea" source="Orion">OpenSea</keyword> has confirmed an estimated $1.7 million worth of NFTs were stolen in a hack on Saturday.</li><li>The phishing attack exploited the smart-contract code used in NFTs, the platform believes.</li></ul>Leading NFT marketplace OpenSea has confirmed an estimated $1.7 million worth of tokens were stolen in a hack at the weekend. In the attack, which took place between 5 p.m. and 8 p.m. ET on Saturday, the thieves tricked OpenSea users into part-signing smart contracts to allow the trades. They then completed the contract process to transfer the NFTs, or non-fungible tokens, to their own address.The hackers likely used "phishing" — in which an official communication is faked to look like the real thing — to fool NFT owners into signing, OpenSea believes."As far as we can tell, this is a phishing attack. We don't believe it's connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen," OpenSea CEO Devin Finzer said in a series of <a href="https://twitter.com/dfinzer/status/1495245308812402688">tweets</a>.In <a href="https://twitter.com/opensea/status/1495625768713469954">later tweets</a>, Finzer dispelled suggestions that the NFT haul was worth as much as $200 million, and clarified that the number of victims had been narrowed down to 17 individuals."The attacker has $1.7 million of ETH in his wallet from selling some of the stolen NFTs," he said.The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> loss is small compared with recent high-profile hacks, such as solana's <a href="https://www.businessinsider.in/investment/news/hackers-stole-322-million-in-2022s-largest-defi-hack-so-far-10-million-is-being-offered-for-its-return/articleshow/89324200.cms">$322 million</a> wormhole bridge attack, which also used a flaw in smart contracts. But it is a sign that such crime is becoming more common, as suggested by a recent <a href="https://markets.businessinsider.com/news/currencies/crypto-crimes-2021-defi-scam-stolen-funds-rug-pull-chainalysis-2022-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Chainalysis report</a> that found criminals nabbed crypto worth $14 billion in 2021, a rise of 80%.Persistent security issues could become a barrier to mainstream adoption of crypto, given a burden is being passed on to the user, some analysts have warned.The risk of smart contract-based attacks in decentralized finance, especially in developing networks like solana, are quite high, according to Hart Lambur, cofounder of the UMA protocol."Smart contract bugs are unfortunately a common risk in DeFi," Lambur told Insider recently.The OpenSea hack exploited the <a href="https://twitter.com/Nesotual/status/1495223117450551300?s=20&amp;t=J8kqfpXP56ppqHJ1ax1VyQ">Wyvern Protocol</a>, which underpins most NFT smart contract processes. As the protocol is open source, the code is standard and publicly available.There are three ways to authorize an order, according an explainer on the Wyvern Protocol website."Orders must always be authorized by the maker address, who owns the proxy contract which will perform the call. Authorization can be done in three ways: by signed message, by pre-approval, and by match-time approval."The OpenSea victims signed a partial contract for the NFT trade, giving the attacker a general authorization but leaving it largely blank — something like signing a blank check. That let the hackers transfer ownership of the NFTs without making any payment.At least 254 NFTs were taken, <a href="https://twitter.com/PeckShieldAlert/status/1495281343927767040">according to crypto analysis company PeckShield</a>, though the company has not confirmed the tally.After talking to those affected, OpenSea decided a new Wyvern 2.3 contract was not used in the phishing attack, its CEO said. <a href="https://twitter.com/dfinzer/status/1495302784689704966">Finzer said</a> it had also ruled out phishing via clicking on the OpenSea site's banner; clicking on a faked OpenSea email; or using the platform's listing migration tool. Minting, buying, selling or listing NFTs was not at fault either, he said.The NFT platform is investigating whether the victims had interacted with a list of common websites, he added. OpenSea did not respond to an Insider request for comment.Read more: <a href="https://www.businessinsider.com/bitcoin-price-prediction-ai-platform-founder-btc-eth-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">A former hedge-fund trader's AI platform predicts bitcoin returns will crush ethereum by 33% over the next 3 months. He explains how users of the service are beating the average stock-market investor by 18%</a>.

OpenSea confirms hackers made $1.7 million on NFTs stolen in a phishing attack at the weekend

<ul class="summary-list"><li>Opportunists bought <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> worth over $1 million in total for much less due to an <keyword id="12012796" type="UNKNOWN" weightage="60" keywordseo="opensea" source="Orion">OpenSea</keyword> bug, Bloomberg reported.</li><li>One Bored Ape NFT priced at 128 ether was bought for 87 ether — meaning the seller missed out on $90,000.</li></ul>Opportunists exploited a <keyword id="13030991" type="UNKNOWN" weightage="60" keywordseo="loophole" source="Orion">loophole</keyword> on OpenSea to buy more than $1 million worth of NFTs for just thousands of dollars, <a href="https://www.bloomberg.com/news/articles/2022-01-24/how-traders-bought-1-million-in-nfts-at-massive-discount-due-to-an-opensea-bug">Bloomberg</a> reported.Buyers on the <keyword id="12273849" type="UNKNOWN" weightage="60" keywordseo="marketplace" source="Orion">marketplace</keyword> were able to purchase popular NFTs at older prices, from <keyword id="11937563" type="UNKNOWN" weightage="60" keywordseo="listings" source="Orion">listings</keyword> made a while ago, that were much lower than market price. That meant sellers found their items went for significantly less than they expected.One person missed out on a $90,000 profit when he discovered that his <a href="https://markets.businessinsider.com/news/currencies/bored-ape-yacht-club-nft-sales-1-billion-opensea-bayc-2022-1">Bored Ape Yacht Club</a> NFT priced at 128 ether, almost $286,000 at the time, was bought for 87 ether, about $194,000, according to Bloomberg."Listings made a long time ago are resurfacing when items transfer back into listers' wallets," OpenSea, the largest marketplace for NFTs, said in a <a href="https://twitter.com/opensea/status/1485757970017230848">tweet Monday</a>.The loophole came when sellers transferred older-listed NFTs to other wallets and made new listings without cancelling the original listings. The earlier prices were still available to those who did some digging, alongside the newer price.Buyers bought the NFTs for the older, cheaper prices. They then sold them at higher market prices.Listed items from other popular NFT collections in several wallets were affected, including Cool Cats, Mutant Ape Yacht Club and CyberKongz, according to media reports. An NFT — short for "non-fungible token" — is a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> asset, representing an intangible digital item such as an image, video, or in-game item. They rocketed into prominence in March last year when the artist Beeple sold a collage at Christie's for $69 million as an NFT.Sellers wishing to cancel original listings on NFT platforms have to send messages over the blockchain, which require transaction fees, <a href="https://www.bloomberg.com/news/articles/2022-01-24/how-traders-bought-1-million-in-nfts-at-massive-discount-due-to-an-opensea-bug">Bloomberg reported</a>. To avoid these fees, sellers may have transferred their NFTs to a different wallet.OpenSea acknowledged the loophole on Monday, saying it couldn't take action on behalf of sellers."We can't cancel these orders for listers, so to fix the problem, we launched a new listings manager today," it said on Twitter.OpenSea did not respond to Insider's request for comment.

NFTs worth over $1 million sold for thousands on OpenSea due to a loophole in its listing

<ul><li>Mr. Goxx, the crypto-trading hamster that went viral last month, is starting to capitalize off his early success.</li><li>Mr. Goxx's anonymous business partner has sold NFTs to help fund a larger portfolio and upgrade the hamster's <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> rig.</li><li>Since the hamster's trading journey began in mid-June, it has outperformed the S&amp;P 500 by more than double.</li></ul>Crypto-trading hamster Mr. Goxx is still at it, trading various <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> on a near daily basis and continuing to post strong outperformance relative to the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500.</a>The hamster, which <a href="https://markets.businessinsider.com/news/currencies/hamster-trading-cryptocurrencies-rigged-cage-goxx-bitcoin-price-ether-doge-2021-9">went viral last month</a> and was praised for his trading skills by <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> CEO Elon Musk, is starting to see the benefits of its early success thanks to Mr. Goxx's anonymous business partner who has raised funds by selling Goxx Capital themed NFTs. "We decided to focus on NFTs because it's a very transparent way of supporting Mr. Goxx. On the one hand, these artworks kind of document his journey. And on the other hand, supporters of the project directly get something in return for the engagement," Mr. Goxx's business partner told Insider.Those NFT sales have so far have totaled more than $12,000, according to the <a href="https://opensea.io/mr_goxx?search[sortBy]=LAST_SALE_DATE&amp;search[resultModel]=ASSETS&amp;search[sortAscending]=false&amp;tab=activitytab=activity">activity of Mr. Goxx's Opensea account</a>. That helped fund a tripling of Mr. Goxx's trading portfolio to about €1,700, as well as upcoming improvements to his trading rig, codenamed the "Goxx Capital Headquarters."The upgraded workspace for Mr. Goxx will include better cameras, motion control functionalities, and much more space, the business partner said.Mr. Goxx's office has already seen the installation of a new and improved intention wheel, which is a hamster wheel that Mr. Goxx runs on to choose which <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>currency to trade. Once the crypto is chosen, the hamster runs through one of two "decision tunnels" that trigger either a buy or sell trade.But there is still plenty of work to be done."We cannot tell exactly how long it will take to finish everything as the system is getting much more complex. After construction and programming is done, lots of testing and bug fixing will be necessary," Mr. Goxx's business partner said. Ultimately, the upgraded trading rig should give more insight into Mr. Goxx's activities and provide more interactive elements to the intention wheel and decision tunnels.Whether it will have an impact on Mr. Goxx's solid trading performance remains to be seen.The top three holdings of Mr. Goxx as of Thursday were litecoin, eos, and chiliz. Since the hamster began trading various crypto tokens on June 12, it has generated a time-weighted return of about 18%, according to the <a href="https://twitter.com/mrgoxx" target="_blank" rel="noopener">@mrgoxx twitter feed</a> that documents daily performance, along with every trade made by the hamster.That's more than double the S&amp;P 500's gain of about 8% over the same time period. "Hamster has mad skillz!!" <a href="https://twitter.com/elonmusk/status/1442906126777917442">Elon Musk said</a> last month of Mr. Goxx's trading abilities.

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A bug in the world's largest NFT market could have allowed crypto wallets to be hijacked or stolen

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NFTs worth over $1 million sold for thousands on OpenSea due to a loophole in its listing

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