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<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

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>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 class="summary-list"><li>Liverpool FC launched a series of <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> two months ago and 90% went unsold.</li><li><keyword id="11897666" type="UNKNOWN" weightage="60" keywordseo="soccer" source="Orion">Soccer</keyword> players Paul Pogba and John Terry also endorsed projects that flopped amid the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> sell-off.</li></ul>In March, English soccer powerhouse and UEFA Champions League finalists Liverpool FC launched "<a href="https://www.liverpoolfc.com/news/available-now-lfc-heroes-club-first-digital-collectibles">LFC Heroes Club</a>" — a collection of 24 <a href="https://www.businessinsider.com/personal-finance/nft-meaning">non-fungible tokens</a> illustrating high-profile players.90% went unsold.An NFT is a unique blockchain identifier that proves ownership of a piece of digital art. <a href="https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1">The NFT market surged to $41 billion last year</a>, with traditional auction houses like Christie's and Sotheby's entering the sector.But while crypto posted spectacular gains last year, it has plummeted dramatically in 2022. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> are down 38% and 52% year-to-date, respectively.Most NFTs run on the ethereum blockchain, meaning they are valued in ether, rather than dollars. Crypto's struggles have wiped a significant amount of value off the overall market, which makes it tough to sell them to soccer fans."If a massive club like Liverpool can't sell NFTs, that's indicative of fans' overall skepticism," Kieran Maguire, an academic specializing in the accountancy of soccer teams, told Insider in a recent interview. "[Soccer] is being used to legitimize NFTs and market them as an investable asset, and that's a cause for concern."Liverpool were the first soccer club to launch their own NFT collection - <a href="https://www.businessinsider.com/how-playboy-made-12-million-from-nft-web3-2022-5?r=US&amp;IR=T">following in the footsteps of major brands including Adidas, Nike, and Playboy</a>. They collaborated with Sotheby's to start "Heroes Club".But the initiative was roundly condemned by Liverpool fans, <a href="https://www.empireofthekop.com/2022/03/24/delete-liverpool-fans-near-universally-horrified-by-clubs-unethical-project/">many of whom argued that selling NFTs is exploitative</a>.Liverpool's failure to shift 90% of its NFTs may deter other clubs from releasing their own collections. But <a href="https://theathletic.com/3307639/2022/05/19/premier-league-players-nfts/?source=twitteruk">several high-profile players have already endorsed digital art</a>, with similarly disastrous results.In November, Manchester United and France midfielder Paul Pogba promoted the CryptoDragons collection to his 10 million Twitter followers, saying he had bought his first ever NFT, "<a href="https://twitter.com/paulpogba/status/1460291749805535233?lang=en-GB">an egg with a dragon inside</a>".One of the <keyword id="12068706" type="UNKNOWN" weightage="60" keywordseo="digital-assets" source="Orion">digital assets</keyword> sold for 35 ETH, or $162,000, according to Pogba. Six months later, CryptoDragons sell on <a href="https://opensea.io/collection/cryptodragons">OpenSea</a> for as little as 0.018 ETH, or $32.Pogba isn't the only Premier League player to have promoted an NFT collection that subsequently flopped.Former Chelsea captain John Terry's "Ape Kids Football Club" <a href="https://theathletic.com/news/john-terrys-nft-collection-plunges-90-in-value/O0qBVJcqpDit/">NFT collection crashed 90% in a single month</a>, and individual "Ape Kids" can now be bought for $0.019 ETH, or $34, on <a href="https://opensea.io/collection/akfc">OpenSea</a>.Michael Owen, who played for Liverpool, Real Madrid, and Manchester United and is now a prominent commentator on British TV, launched his own NFT collection in May, claiming his "<a href="https://twitter.com/themichaelowen/status/1523739256325537792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1523739256325537792%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Ftheathletic.com%2F3303404%2F2022%2F05%2F11%2Fexplained-michael-owen-nft-claims%2F">NFTs will be the first ever that can't lose their initial value</a>".Owen's NFTs have a floor price encoded in their blockchain, which means that they can't be sold below the price they were bought for. <a href="https://theathletic.com/3303404/2022/05/11/explained-michael-owen-nft-claims/">This doesn't prevent the NFTs from crashing to $0</a>, but it would stop investors from selling at a lower level to reduce their losses.Pogba, Terry, and Owen aren't financial advisors, but they, and Liverpool FC, have promoted NFTs as if they were sound, investable assets."It's the job of [soccer] players to play [soccer]," Simon Chadwick, a professor at France's Emlyon Business School, told Insider. "We shouldn't expect them to be preoccupied with metaverse regulation or a potential crypto crash.""But some players may be too quick to sign such deals and insufficiently question the issues surrounding NFTs," he added. "All involved need to up their games."Read more: <a href="https://www.businessinsider.com/epl-cryptocurrency-blockchain-nft-arsenal-city-villa-everton-leeds-socios-2021-8">These 5 English Premier League football teams are launching blockchain fan tokens — here's how they plan to use the $2.5 billion NFT market to build a global fanbase</a>

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

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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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Soccer players keep promoting NFT collections - and they keep crashing to zero

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