<ul><li>Early rumours indicated that NFTs worth more than $200 million had been stolen from the world’s largest <keyword id="11046450" type="General" weightage="20" keywordseo="nft-marketplace" source="Orion">NFT marketplace</keyword>, <keyword id="11928103" type="General" weightage="50" keywordseo="opensea" source="Orion">OpenSea</keyword>.</li><li>According to the company, only $1.7 million worth of Ether has been stolen.</li><li>OpenSea is still conducting an investigation into the incident. </li></ul>OpenSea was hacked, and then it wasn’t. Early on Saturday, a hacker or a group of hackers stole millions in non-fungible tokens (<a href="http://sinsider.in/investment/news/nfts-are-the-new-crypto-wild-west-artists-and-brands-with-big-pockets-are-the-only-ones-who-can-afford-to-fight-back/articleshow/89613624.cms">NFTs</a>) from OpenSea users, sending the crypto and <keyword id="4668945" type="General" weightage="100" keywordseo="nft" source="Orion">NFT</keyword> community in a tizzy. The <a href="https://www.businessinsider.in/investment/news/openseas-nft-trade-quadruples-to-10-billion-in-under-three-months-but-axie-infinity-continues-to-be-the-crowd-favourite/articleshow/87609137.cms">world’s largest NFT platform</a> has since denied the rumours of a <keyword id="99084" type="General" weightage="20" keywordseo="hack" source="Orion">hack</keyword>, which some said led to $200 million worth of NFTs being stolen from users. Instead, it turns out that the attacker stole $1.7 million worth of Ether, according to Devin Finzer, co-founder and chief executive of OpenSea. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In a series of tweets, Finzer said that the company is conducting an in-depth investigation into the incident. "As far as we can tell, this is a <keyword id="6359049" type="General" weightage="20" keywordseo="phishing" source="Orion">phishing</keyword> 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,” Finzer said. <div type="twitter" handle="dfinzer" handlename="Devin Finzer (dfinzer.eth)" image="http://pbs.twimg.com/profile_images/1479933927255019520/qNhC2Zln_normal.jpg" favoritecount="1213" retweetcount="436" status="Another update: over the last few hours we’ve talked to dozens of people, teams, and projects across the NFT space. https://t.co/fB5r3cMA1r" createdat="1645342939000" id="1495302784689704966"></div> Finzer said that the hackers used a phishing attack on the victims, which should mean that they sent malicious emails to the users, which were used to steal their passwords or other personal details. The incident could also be similar to what <a href="https://www.artnews.com/art-news/news/todd-kramer-nft-theft-1234614874/">happened to</a> Todd Kramer, a gallery owner, who said that he had lost 15 NFTs, worth $2.2 million, from his Ethereum wallet through a phishing scam. That hack included four Bored Ape Yacht Club NFTs among others. <cmsannotation type="cmsannotation" annotationid="The significance of the OpenSea hack" comment="subhead" text="The significance of the OpenSea hack">The significance of the <keyword id="13035909" type="General" weightage="100" keywordseo="opensea-hack" source="Orion">OpenSea hack</keyword></cmsannotation> At a valuation of over $13 billion, OpenSea is often called the largest NFT marketplace in the world. The company claims it has over a million active user wallets. Blockchain tracking platform DappRadar <a href="https://dappradar.com/nft">shows</a> that the platform has conducted $21.8 billion in lifetime trades, which is about $5 billion more than the second largest platform — LooksRare. The incident at OpenSea also highlights a growing wave of crypto crimes that has been recorded by many in the industry. In fact, a <a href="https://markets.businessinsider.com/news/currencies/crypto-scams-7-billion-2021-bitcoin-ethereum-defi-tokens-chainalysis-2021-12">report by Chainalysis</a> from earlier this month noted that illicit wallets had amassed over $11 billion in crypto over 2021 alone. Phishing attacks are amongst the most common means used by cybercriminals to steal crypto and NFTs. The Chainalysis also noted that NFT rug pulls, where hackers create hype over a project to raise prices only to abandon it later, have also grown over the past year or so. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency">Solana gains even as the rest of the crypto market continues to struggle</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-nayib-bukele-is-a-president-for-the-meme-stock-generation-hes-obsessed-with-stonks-silly-numbers-bitcoin-and-the-dip/articleshow/89689749.cms">El Salvador's Nayib Bukele is a president for the meme-stock generation: He's obsessed with stonks, silly numbers, bitcoin, and the 'dip'</a> <a href="https://www.businessinsider.in/cryptocurrency/news/more-than-half-of-social-media-influencers-are-looking-to-cash-in-on-the-metaverse-and-want-bitcoin-as-payment-for-their-work/articleshow/89689201.cms">More than half of social media influencers are looking to cash in on the metaverse - and want bitcoin as payment for their work</a>

OpenSea claims that its hack was never a hack, users fell for phishing scams

<ul><li>Hackers were able to exploit a bug to buy <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword> at much lower than their price, and relist them to sell higher.</li><li><keyword id="11928103" type="General" weightage="20" keywordseo="opensea" source="Orion">OpenSea</keyword> said that this wasn’t an exploit of a bug, but an issue that arises “because of the nature of the blockchain”.</li><li>OpenSea raised a funding round worth $300 million on January 24, raising its valuation to $13.3 billion.</li></ul>Non-fungible token (NFT) platform, OpenSea, has started contacting and refunding users who were affected by a bug that allowed users to buy NFTs at reduced prices. The bug was first reported by blockchain security company, <keyword id="2682805" type="General" weightage="20" keywordseo="elliptic" source="Orion">Elliptic</keyword>, on January 24. The firm said that hackers had exploited the bug to “steal” $1 million on the platform’s users. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "Since this issue was identified, we've taken it incredibly seriously and worked to ship product solutions for the community. This is not an exploit or a bug -- it's an issue that arises because of the nature of the blockchain. OpenSea cannot cancel listings on behalf of users. Instead, users must cancel their own listings," a spokesperson for OpenSea <a href="https://www.zdnet.com/article/opensea-reimbursing-people-affected-by-bug-used-to-purchase-nfts-below-market-value/">told</a> ZDNet. On January 24, Elliptic said that it had identified at least three attackers who purchased at least eight NFTs for “much less” than their market value. This included popular NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, <keyword id="13035912" type="General" weightage="20" keywordseo="cool-cats" source="Orion">Cool Cats</keyword> and Cyberkongz NFTs. The same bug had also been spotted by many users on Twitter. “The exploit appears to originate from the ability to re-list an NFT at a new price, without cancelling the previous listing. Those previous listings are now being used to purchase NFTs at prices specified at some point in the past - which is often well below current market prices,” the company’s security researchers said in a blog <a href="https://www.elliptic.co/blog/bug-allows-nfts-worth-over-1-million-to-be-stolen">post</a>. The researchers also identified one of the attackers, who went by the pseudonym “jpegdegenlove” who had paid $133,000 for seven NFTs and had then sold them on the platform for $934,000 — a nearly seven times increase in the price in less than a day. “Fine hours later this ether was sent through Tornado Cash, a ‘mixing’ service that is used to prevent blockchain tracking of funds,” the company said. Incidents like this don’t bode well for OpenSea, which has quickly become the posterboy for the burgeoning NFT market. The company announced a $300 million Series C funding round on January 4, raising its valuation to $13.3 billion. The round was led by investment firms Paradigm and Coatue. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/google-amazon-and-apples-names-are-being-exploited-to-steal-crypto/articleshow/89093792.cms">Scammers are exploiting Google, Amazon and Apple’s services to steal crypto</a> <a href="https://www.businessinsider.in/investment/news/profit-from-bitcoin-mining-is-shrinking-with-prices-in-the-dumps-and-difficulty-on-the-rise/articleshow/89106547.cms">Bitcoin mining profit is shrinking with prices in dumps and difficulty on the rise</a> <a href="https://www.businessinsider.in/investment/news/twitters-long-awaited-hexagonal-profile-pictures-that-give-bragging-rights-to-nft-holders-is-here-but-not-everyone-loves-it/articleshow/89042268.cms">Twitter’s long-awaited hexagonal profile pictures that give bragging rights to NFT HOLDers is here — but not everyone loves it</a>

OpenSea is returning the millions users lost due to a bug

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>.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Devin Finzer (dfinzer.eth) (@dfinzer) <a href="https://twitter.com/mims/statuses/1495245307898044416">February 20, 2022</a></blockquote>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><li><keyword id="13405296" type="General" weightage="100" keywordseo="bayc" source="Orion">BAYC</keyword>’s Instagram channels had been breached in April this year, with hackers posting fake airdrops. </li><li>The exact amount stolen in the current hack could range between $250,000 to over $370,000. </li><li>The hackers used a phishing attack through BAYC’s Discord servers. </li></ul><keyword id="4668945" type="General" weightage="20" keywordseo="nft" source="Orion">NFT</keyword> hackers may have taken their most high profile victim of 2022 for the second time this year, over the weekend. On June 4, crypto Twitter member OKHotshot posted that the Discord channels run by Yuga Labs had been hacked, leading investors to lose 145 <keyword id="695282" type="General" weightage="20" keywordseo="eth" source="Orion">ETH</keyword>, worth over $270,000 at the time of writing. <div type="twitter" handle="NFTherder" handlename="OKHotshot" image="http://pbs.twimg.com/profile_images/1528758097526898695/KzOEIyIE_normal.jpg" favoritecount="1498" retweetcount="556" status="🚨BAYC &amp; OtherSide discords got compromised‼️Seems because Community Manager @BorisVagner got his account breached… https://t.co/EWQNGowLTy" createdat="1654339575000" id="1533037408144572417"></div> Yuga Labs is the creator of two of the most popular NFT projects in the world — the <keyword id="12352437" type="General" weightage="20" keywordseo="bored-ape" source="Orion">Bored Ape</keyword> Yacht Club (BAYC) and Otherside. BAYC alone posted lifetime trading volumes of over $2 billion, according to blockchain tracking platform DappRadar. It ranks number six on the tracker’s lists with over 13000 traders. The scam, according to OKHotshot’s investigation was a phishing attack, which many users on the company’s servers fell for. The hackers posted messages promising limited-quantity giveaways for existing NFT holders, leading many to transfer their NFTs to the malicious wallets. OkHotshot also revealed some of these wallets. According to blockchain security firm PeckShield, 32 NFTs were stolen, including some from the Mutan Ape Yacht Club (MAYC), a spin-off of BAYC. The security firm pegged the total losses at over 200 ETH, worth over $370,000 at the time of writing. <div type="twitter" handle="PeckShieldAlert" handlename="PeckShieldAlert" image="http://pbs.twimg.com/profile_images/1128620708135718912/t1Igt1Ns_normal.png" favoritecount="54" retweetcount="12" status="@BoredApeYC #PeckShieldAlert ~32 NFTs were stolen, including 1 #BAYC, 2 #MAYC, 5 #Otherdeed, 1 #BAKC https://t.co/mPdRSnL0qJ" createdat="1654341593000" id="1533045871830773762"></div> Yuga Labs hasn’t confirmed the hack yet. <cmsannotation type="cmsannotation" annotationid="Second attack this year" comment="subhead" text="Second attack this year">Second attack this year</cmsannotation> This is not the first time that BAYC has been hacked though. In April this year, hackers had breached the project’s Instagram account to post fake airdrops, which led to around 100 NFTs being stolen, according to reports at the time. “There is no mint going on today. It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything,” BAYC later said in a <a href="https://twitter.com/BoredApeYC/status/1518590210686308354?s=20&amp;t=vuH1kUSRf8KAosynTjk8yw">tweet</a> on April 25. BAYC, of course, is not the first project to fall victim to such an attack. On May 25, a user lost 29 NFTs from the Moonbirds collection, which were worth $1.5 million at the time. Another $1.7 million <a href="https://www.theverge.com/2022/2/20/22943228/opensea-phishing-hack-smart-contract-bug-stolen-nft">was stolen</a> from users of OpenSea, one of the largest NFT marketplaces in the world, in February this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dmart-owner-radhakrishna-damani-loses-5-bn-as-even-essentials-become-too-expensive-for-indians/articleshow/92031475.cms">DMart owner Radhakrishna Damani loses $5 bn as even essentials become too expensive for Indians</a> <a href="https://www.businessinsider.in/business/corporates/news/indian-corporates-made-a-full-comeback-with-111-billion-profits-but-the-same-cant-be-said-for-2023/articleshow/92033485.cms">Indian corporates made a full comeback with $111 billion profits, but the same can’t be said for 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-1-display-specifications-leaked-ahead-of-launch-heres-everything-we-know-so-far/articleshow/92029049.cms">Nothing phone (1) to launch this week – everything we know so far about the device</a>

BAYC NFT project suffers second hack of the year, this time worth $270,000

<ul class="summary-list"><li>A married couple in their 30s face charges of laundering bitcoin worth $4.5 billion from the 2016 <keyword id="13137629" type="UNKNOWN" weightage="60" keywordseo="bitfinex-hack" source="Orion">Bitfinex hack</keyword>.</li><li>Ilya Lichtenstein and Heather Morgan behaved like people in a spy novel, US prosecutors allege. </li></ul>A couple in their 30s, referred to as the <a href="https://twitter.com/NorthmanTrader/status/1491495074827583491">crypto "Bonnie and Clyde</a>," have quickly come under the spotlight after being accused of conspiring to launder almost 120,000 bitcoin worth $4.5 billion taken in the <a href="https://www.businessinsider.com/r-bitfinex-disables-trading-on-exchange-after-hack-2016-8?utm_medium=ingest&amp;utm_source=markets&amp;r=US&amp;IR=T">2016 Bitfinex hack</a>.Ilya Lichtenstein, a Russian-American who goes by the nickname "Dutch," and his US-born wife Heather Morgan were arrested in Manhattan this week. The US Department of Justice <a href="https://markets.businessinsider.com/news/currencies/bitcoin-hack-bitfinex-crypto-justice-department-2022-2">seized bitcoin worth $3.6 billion</a>, recovering most of what was lost in the cyberattack.Morgan, who calls herself the "<a href="https://www.youtube.com/watch?v=-38TQeQrQ88">Crocodile of Wall Street</a>," <a href="https://www.tiktok.com/@realrazzlekhan">raps on TikTok</a> under the name Razzlekhan, and is a (now former) <a href="https://www.forbes.com/sites/heathermorgan/?sh=61f5e0617f7d">Forbes contributor</a> who once wrote an essay on <a href="https://www.forbes.com/sites/heathermorgan/2020/06/18/protect-your-business-from-cybercriminals/?sh=656d541b2f27">how businesses can shield from cybercriminals</a>.<blockquote class="tiktok-embed" cite="https://www.tiktok.com/@realrazzlekhan/video/6925858776650157317" data-video-id="6925858776650157317" style="max-width: 605px;min-width: 325px;"> <section> <a target="_blank" title="@realrazzlekhan" href="https://www.tiktok.com/@realrazzlekhan">@realrazzlekhan</a> A lil <a title="freestylerap" target="_blank" href="https://www.tiktok.com/tag/freestylerap">#freestylerap</a> for <a title="moneytok" target="_blank" href="https://www.tiktok.com/tag/moneytok">#moneytok</a> about <a title="hodl" target="_blank" href="https://www.tiktok.com/tag/hodl">#HODL</a> &amp; <a title="gamestop" target="_blank" href="https://www.tiktok.com/tag/gamestop">#gamestop</a> by a former <a title="economist" target="_blank" href="https://www.tiktok.com/tag/economist">#economist</a> ‍♀️ <a title="visionboard" target="_blank" href="https://www.tiktok.com/tag/visionboard">#visionboard</a> <a title="albumcover" target="_blank" href="https://www.tiktok.com/tag/albumcover">#albumcover</a> <a title="gamestockstock" target="_blank" href="https://www.tiktok.com/tag/gamestockstock">#gamestockstock</a> <a title="robinhood" target="_blank" href="https://www.tiktok.com/tag/robinhood">#robinhood</a> <a target="_blank" title="♬ original sound - Razzlekhan ‍♀️" href="https://www.tiktok.com/music/original-sound-6925858769532357381">♬ original sound - Razzlekhan ‍♀️</a> </section> </blockquote> Lichtenstein's presumed Twitter account has frequent posts about Web3 and cryptocurrency, while his <a href="https://www.linkedin.com/in/unrealdutch/details/experience/">LinkedIn</a> account lists roles as an advisor to a blockchain startup and an investor in similar projects.<h2>Where are the couple accused of laundering money from?</h2>Hong Kong-based <keyword id="12197160" type="UNKNOWN" weightage="60" keywordseo="bitfinex" source="Orion">Bitfinex</keyword> said in August 2016 that hackers had taken 120,000 bitcoins, worth roughly $70 million at the time.The US <a href="https://www.ice.gov/news/releases/ice-homeland-security-investigations-partners-investigation-leading-2-arrests-alleged">authorities believe</a> the intruder carried out more than 2,000 unauthorized transactions and ultimately sent the bitcoin collected to a wallet held by Lichtenstein. They have not accused the couple of carrying out the cyberattack.About 25,000 bitcoins were transferred out of Lichtenstein's wallet, some to accounts held by him and his wife, the authorities said in court filings. The remaining 94,000 continued to be held in the wallet originally used after the hack.<h2>Discovery of the alleged trail</h2>Special agents with search warrants for the couple's online accounts retrieved files from a Lichtenstein-controlled account that held the private keys for the original wallet.Finding the keys was a crucial step. It possibly revealed the recipient's wallet address, helping the investigators work out the laundering scheme. This enabled them to <a href="https://markets.businessinsider.com/news/currencies/bitcoin-hack-bitfinex-crypto-justice-department-2022-2">recover 94,000 bitcoin</a>.The <a href="https://www.justice.gov/opa/press-release/file/1470186/download">DOJ said</a> the couple engaged in several types of virtual-currency transactions, including NFT purchases. But their OpenSea accounts now <a href="https://www.buzzfeednews.com/article/sarahemerson/doj-accused-crypto-couple-nft-opensea-accounts-disappeared">appear to have been deleted</a>.<h2>How did the duo allegedly 'launder' bitcoin?</h2>Lichtenstein and Morgan used multiple sophisticated methods, the authorities allege.The couple created fake accounts, and used automated computer programs to carry out multiple transactions, depositing the funds with several <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchanges to make them hard to track, the <keyword id="12098051" type="UNKNOWN" weightage="60" keywordseo="doj" source="Orion">DOJ</keyword> said in its charges. They also used US-based accounts to make their activities seem legitimate, it alleged.A new <a href="https://s3.documentcloud.org/documents/21202409/18-main.pdf">34-page court filing</a> Thursday alleged the couple <a href="https://www.businessinsider.com/bitfinex-bitcoin-couple-prosecutors-allege-russia-ukraine-contingency-plan-2022-2?r=US&amp;IR=T">attempted to conceal</a> their role in laundering bitcoin by establishing new identities.Lichtenstein and Morgan spent a month in Ukraine in 2019, prosecutors said, where their activities "at times appear pulled from the pages of a spy novel." They are thought to have been preparing for life in Russia, as Morgan was learning the language.A January 5 search of the couple's New York apartment found cash worth $40,000, <a href="https://www.documentcloud.org/documents/21202409-18-main#document/p18/a2080571">over 50 electronic devices</a>, two hollowed-out books, and a bag labelled "burner phone," they said.The authorities <a href="https://s3.documentcloud.org/documents/21202409/18-main.pdf">believe</a> they have accessed Lichtenstein's cloud storage account. The encrypted files there have a spreadsheet of various accounts, and additional wallets the authorities haven't legally been able to seize. "Several of these files include variations of the word 'dirty' in their names, such as 'dirty_wallet.dat,'" the filing said.Another discovery was a file called "passport_ideas," holding links to various darknet vendor accounts offering passports or ID cards for sale.Lichtenstein and Morgan face charges of conspiracy to commit <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="money-laundering" source="Orion">money laundering</keyword> and to defraud the US, carrying a combined sentence of 25 years. They will <a href="https://www.theblockcrypto.com/linked/133871/couple-accused-of-laundering-4-5-billion-in-bitcoin-face-bail-decision-in-dc">remain in custody</a> until a February 14 trial.Anirudh Bansal and Sam Enzer, <a href="https://apnews.com/article/cryptocurrency-stolen-arrest-7e83f7188e8e1580e9678d8a47d6ab32">reported</a> to be the couple's lawyers, didn't respond to Insider's request for comment.

Meet the crypto 'Bonnie and Clyde': A TikTok rapper who calls herself the 'Crocodile of Wall Street' and her husband 'Dutch'. We look at their alleged links to the Bitfinex hack.

<ul><li><keyword id="11919548" type="General" weightage="20" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> has earned %190.9 million in revenues over the past 30 days, surpassing OpenSea.</li><li><keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword>’s <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> announcement last year has put many blockchain games on the growth path.</li><li>The AXS token reached an all-time high of $162 after the Facebook rebrand.</li></ul> Decentralized games play an important role in the future metaverse that men like Facebook chief executive Mark Zuckerberg want to build. But they have also been opposed by gaming companies like <a href="https://www.businessinsider.in/investment/news/cryptocurrency-faqs-everything-you-need-to-know-about-the-cryptocurrencies-the-crypto-market-and-everything-in-between/articleshow/87465186.cms">Valve</a>, which banned blockchain-based games from Steam recently. But these companies may find it more difficult to argue against these games if they keep racking up the numbers in terms of revenues. To that end, popular <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain-based game</a> Axie Infinity has surpassed NFT-platform OpenSea in 30 day revenue numbers for the first time, according to crypto journalist Colin Wu, who <a href="https://twitter.com/WuBlockchain/status/1455022442968240136?s=20">cited</a> data from Token Terminal, a data analytics platform for crypto assets. “In the past 30d, Axie Infinity continued to lead the way with $190.9 million in revenue from Dapps. With the cooling of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFT</a> market, dYdX surpassed OpenSea with 30d $66.9million in agreement income,” Wu noted on Twitter. In comparison, OpenSea, which is one of the biggest NFT-auctioning platforms in the world, earned $66.9 million during the same time. <cmsannotation type="cmsannotation" annotationid="NFT games on the rise" comment="subhead" text="NFT games on the rise">NFT games on the rise</cmsannotation> Axie Infinity has been growing fast over the past three months, with over 200% revenue growth in the last three months. Mark Zuckerberg’s plans to shift Facebook’s focus to building the metaverse, led the game’s token - AXS - to its all-time high price of $162. Facebook rebranded to Meta last week, and said it plans to focus on virtual reality and augmented reality products to build the metaverse. The AXS token has appreciated by 200% over the past three months. Facebook’s metaverse plans may help the social media giant in future, but at the moment it’s helping blockchain game developers. Axie Infinity isn’t the only game that has seen such growth. Decentraland’s MANA has gained a whopping 300% since Facebook’s rebranding, less than a week ago. According to <a href="https://dappradar.com/rankings/category/games">DappRadar</a>, four of the top 10 games in terms of volume have gained more than 20% users in the past seven days. One game, called Wanaka Farm, has increased its user base by over 500% in the past seven days, while Axie Infinity’s use base itself has grown by 5% at the same time period. <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword> have often been touted as an essential tool in the future of multiplayer gaming. Since they signify ownership for digital items, game makers can use them to sell in-game items, etc. and hence protect them from being hacked or stolen in other ways. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/why-india-ban-on-cryptocurrencies-is-not-possible/articleshow/87390005.cms">It would be nearly impossible for India to ban cryptocurrencies — here’s why</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereum-sees-double-digit-gains-as-the-crypto-market-recovers-from-price-crash/slidelist/87356297.cms">Ethereum hits a new record while Shiba Inu crashes as rest of crypto market recovers</a>

Facebook’s Metaverse announcement is giving blockchain games a boost

<ul class="summary-list"><li>A <keyword id="12248438" type="UNKNOWN" weightage="60" keywordseo="snoop-dogg" source="Orion">Snoop Dogg</keyword> impersonator fooled people at an NFT <keyword id="12003795" type="UNKNOWN" weightage="60" keywordseo="conference" source="Orion">conference</keyword> into thinking he was in attendance.</li><li>The stunt, carried out by an NFT startup, was designed to expose the dangers of fakes in the space.</li></ul>A Snoop Dogg impersonator tricked crowds at an NFT conference in New York into believing he was the real deal in a stunt designed to show how easy fakery in the industry is.The impersonator, who went by the moniker Doop Snogg, attended the <keyword id="14252813" type="UNKNOWN" weightage="60" keywordseo="nft-nyc" source="Orion">NFT.NYC</keyword> conference in New York City this week and took selfies alongside eager Snoop Dogg fans. The NFT startup which hired the lookalike, Fair.xyz, said the trick was supposed to make people talk about imposters and fakery in the NFT industry."We used Doop Snogg as a fun way of highlighting our goal of removing imposters, bots and fraud away from the NFT space," the company said in a statement sent to Insider.NFT sales have tanked in recent months as people struggled to sell <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> for original prices, while others have been caught out by scams and theft.In April, scammers stole over $3 million from NFT holders after <a href="https://www.insider.com/nft-sales-down-nonfungible-phishing-scams-bayc-opensea-2022-5">hacking the Instagram page of the popular collection, Yuga Labs' Bored Ape Yacht Club.</a> In January, NFT marketplace OpenSea also revealed that <a href="https://www.vice.com/en/article/wxdzb5/more-than-80-of-nfts-created-for-free-on-opensea-are-fraud-or-spam-company-says">80% of NFTs created for free on its platform were spam, per Vice.</a>NFT sales have plummeted 92% since their peak in September 2021. The lookalike — who didn't reveal their full name — wore a fake moustache and packed paper in their shoes to appear taller, <a href="https://www.theguardian.com/technology/2022/jun/24/doop-snogg-fake-snoop-dogg-fooled-nft-conference">The Guardian reported.</a>People who bumped into the imposter were tricked and tweeted pictures, with one user captioning their tweet: "My hand are shaky but I think I just caught <a href="https://twitter.com/SnoopDogg">@SnoopDogg</a>. Thank you for the selfie." Snoop Dogg <a href="https://twitter.com/SnoopDogg/status/1539640849855696897">retweeted </a>a post captioning it solely with his lookalike's namesake. A representative for Fair.xyz did not immediately respond to Insider's request for comment.NFTs surged in popularity last year, with sales buoyed up by the support of A-listers like Snoop Dogg. The artist has previously championed Web3 <keyword id="11893017" type="UNKNOWN" weightage="100" keywordseo="technology" source="Orion">technology</keyword>, <a href="https://www.businessinsider.com/watch-snoop-dogg-new-music-video-crypto-nfts-2022-4?r=US&amp;IR=T">including crypto, NFTs, and the metaverse</a>. His latest music video is set in a "Snoopverse" digital world.The star has also released his own NFTs and has <a href="https://fortune.com/2021/09/22/snoop-dogg-cozomo-de-medici-nfts-crypto-wallet/">claimed to be collecting NFTs under the pseudonym,</a> Cozomo de' Medici.

A Snoop Dogg impersonator labelling himself 'Doop Snogg' fooled a New York NFT conference in a stunt designed to expose fakery in digital art

<ul><li>The <keyword id="12495713" type="General" weightage="20" keywordseo="bored-ape-yacht-club" source="Orion">Bored Ape Yacht Club</keyword> is planning to launch its own play-to-earn (P2E) game next year in collaboration with <keyword id="5804939" type="General" weightage="20" keywordseo="animoca" source="Orion">Animoca</keyword>.</li><li>Animoca is best known for its metaverse, <keyword id="12166193" type="General" weightage="20" keywordseo="the-sandbox" source="Orion">The Sandbox</keyword>, and also has investments in <keyword id="12222085" type="General" weightage="20" keywordseo="decentraland" source="Orion">Decentraland</keyword>, <keyword id="11919548" type="General" weightage="20" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> and other blockchain projects.</li><li>It is expected that the Bored Ape Yacht Club P2E game will be its first step towards creating a metaverse for the collection. </li></ul>Owners of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) can expect a new perk by mid-2022 – a blockchain-based game where they can earn tokens for their effort. The upcoming metaverse game was announced on Monday December 13 by Hong Kong-based <a href="https://www.animocabrands.com/bored-ape-yacht-club-and-animoca-brands-join-forces-to-make-blockchain-nft-game">Animoca Brands</a> — the company with money in The Sandbox, Decentraland and Axie Infinity. The game is expected to go live during the second quarter, next year. This means it’s likely to hit shelves anytime between April and July in 2022. <div type="image" title="bayc p2e game" msid="88273225" hostid="261" caption="&amp;lt;p&amp;gt;NFT collection Bored Ape Yacht Club plans to launch its own play-to-earn game next year &amp;lt;/p&amp;gt;"></div> There is very little else that has been revealed. Other than being based on the <a href="http://coindcx.com">blockchain</a>, the only details that have come to light are that it will operate on a P2E system, and users will need a BAYC NFT — one of the avatars from the generated collection — in order to participate. Animoca’s portfolio indicates that this will be a metaverse game. <div type="twitter" handle="animocabrands" handlename="Animoca Brands" image="http://pbs.twimg.com/profile_images/1392872390443499522/rnUpvHsK_normal.jpg" favoritecount="407" retweetcount="115" status="We are excited to announce that we will work with @BoredApeYC to create a #P2E blockchain game utilizing Bored Ape… https://t.co/pJYEEUnkFn" createdat="1639404524000" id="1470395263210516480"></div> <cmsannotation type="cmsannotation" annotationid="What is play-to-earn (P2E)?" comment="subhead" text="What is play-to-earn (P2E)?">What is play-to-earn (P2E)?</cmsannotation> Play-to-earn (P2E) means that players who spend hours in a game for achievements and in-game properties, don’t have to just walk away from what they built. They can sell them as NFTs to other players within the game, to earn cryptocurrency. Players can use this currency to buy other NFTs they desire, or cash them in to get real-world currency. <cmsannotation type="cmsannotation" annotationid="Animoca’s collection of metaverses" comment="subhead" text="Animoca’s collection of metaverses">Animoca’s collection of metaverses</cmsannotation> Animoca is best known for their metaverse platform,<a href="https://www.businessinsider.in/investment/news/the-sandbox-decentraland-and-cryptovoxels-see-sales-surge-as-companies-look-to-get-in-on-the-ground-floor/articleshow/88137990.cms"> The Sandbox</a> where players earn using NFTs and whose Web 3.0 concepts have been seen as an engine of growth. They are invested in the blockchain gaming platforms Axie Infinity and Decentraland as well, apart from interests in the Polygon blockchain infrastructure project and the OpenSea NFT marketplace. Earlier this month, Animoca’s<a href="https://ysiu.medium.com/founders-letter-annus-mirabilis-for-animoca-brands-and-the-open-metaverse-461eb58372b7"> co-founder Yat Siu wrote</a> that their income for the first nine months of 2021 was $529.6 million, apart from liquid cryptocurrency assets of over $600 million. Animoca Brands was established in 2014, and claims an investment portfolio spanning blockchain gaming, metaverse, decentralised finance (DeFi), crypto wallets, blockchain infrastructure, NFT marketplaces, e-sports, crypto art, and more. <div type="image" title="animova" msid="88273388" hostid="261" caption="&amp;lt;p&amp;gt;Animoca Brands&amp;#39; investment portfolio&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Why is BAYC entering the metaverse?" comment="subhead" text="Why is BAYC entering the metaverse?">Why is BAYC entering the metaverse?</cmsannotation> <a href="https://www.yugalabs.io/">Yuga Labs</a>, the developer behind the BAYC NFTs and related NFT projects Mutant Ape Yacht Club and Bored Ape Kennel Club shot to fame in 2021 for the high valuations their NFT collections received. In a clear break from art-based NFTs, the BAYC NFTs for instance, provided owners not only the ape avatar for use in the metaverse, but also a ‘Yacht Club membership’, allowing access to an online club, with members-only benefits such as a collaborative graffiti board, exclusive private concerts and other ‘perks’ over time. The game announced by Animoca is just one more of the perks enjoyed by owners of a BAYC NFT, who the project prefers to call members of an exclusive club. The BAYC project consists of 10,000 NFT items, but they are owned by even fewer people, just over 5900 people. Exclusive is just the word as well – as seen on<a href="https://opensea.io/rankings?sortBy=total_volume"> OpenSea collection rankings</a>, BAYC NFTs have the highest minimum price (floor price) of 54 Ether tokens or about $216,000. The three major NFT projects of Yuga Labs are currently shown to be worth 426,000 ETH tokens on OpenSea, or $1.7 billion at current prices. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/not-all-nfts-are-avatars-here-are-8-other-digital-projects-that-raised-millions-last-week/slidelist/88260535.cms">Not all NFTs are avatars — Here are 8 other digital projects that raised millions last week</a> <a href="https://www.businessinsider.in/investment/news/ascendex-hack-wipes-out-77-7-million-ethereum-eth-polygon-matic-and-bsc-tokens-take-the-biggest-hit/articleshow/88255556.cms">AscendEX suspends crypto withdrawals as hack wipes out $77.7 million worth of Ethereum, Polygon and other tokens</a>

The company behind The Sandbox, Decentraland and Axie Infinity is now helping the Bored Apes Yacht Club launch its own P2E game

<ul class="summary-list"><li>A <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> entrepreneur is stuck with his $3 million <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> purchase of <keyword id="11893903" type="UNKNOWN" weightage="60" keywordseo="jack-dorsey" source="Orion">Jack Dorsey</keyword>'s first tweet.</li><li>He listed the NFT for sale at a price of $48 million, but the highest bid he's received so far is about $6,800.</li></ul>Crypto entrepreneur Sina Estavi is struggling to sell an NFT of <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> cofounder <a href="https://twitter.com/sinaEstavi/status/1511832413973983239/photo/1">Jack Dorsey's first tweet</a> after having shelled out millions to buy the token in the first place.He auctioned the NFT of the tweet for a whopping $48 million, according to <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a>. As of Thursday morning, the highest bid he received was 2.2 <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, or about $6,856.That's just 0.2% of the $2.9 million that Estavi paid when he <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-sell-first-tweet-nft-sunday-2021-3?r=US&amp;IR=T">bought the NFT in March</a>."I think years later people will realize the true value of this tweet, like the Mona Lisa painting," he said then.A year later, his prediction isn't exactly playing out. After listing the token on NFT marketplace OpenSea, Estavi has found the highest bids are nothing even close to the amount he paid, much less to the amount he wanted for it.He told <a href="https://www.coindesk.com/business/2022/04/13/jack-dorseys-first-tweet-nft-went-on-sale-for-48m-it-ended-with-a-top-bid-of-just-280/">CoinDesk</a> and the <a href="https://www.bbc.co.uk/news/business-61102759">BBC</a> that although the deadline he set was over, he might either accept a "good offer" or may never sell it."I think the value of this NFT is far greater than you can imagine and whoever wants to buy it must be worth," he told the BBC."I think someone like Elon Musk could deserve this NFT."<a href="https://www.businessinsider.com/nft-meaning?r=US&amp;IR=T">NFTs, or non-fungible tokens</a>, are unique certificates that prove ownership of digital assets like trading cards, music, images, or even tweets like Dorsey's. Total NFT sales volume has ballooned to <a href="https://markets.businessinsider.com/news/currencies/weekly-nft-sales-decline-crypto-bored-ape-yeach-2022-4">$25 billion</a> over the past year as artists, investors, and entrepreneurs seek to capitalize on the seemingly-prosperous Web3 space. Some experts say the rush to capitalize off the NFT boom has come at the expense of user security, with hacks rampant across marketplaces.Although Estavi owns the digital right to Dorsey's tweet, it is still <a href="https://twitter.com/Jack/status/20">publicly accessible</a> to anyone who can use the internet.Estavi, the founder of two Malaysia-based crypto companies, claimed in a <a href="https://twitter.com/jack/status/1511874906614554632">tweet</a> last week that he planned to donate 50% of the proceeds to poverty relief efforts in Africa.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Estavi (@sinaEstavi) <a href="https://twitter.com/mims/statuses/1511832413973983239?ref_src=twsrc%5Etfw">April 6, 2022</a></blockquote>Read more: <a href="https://www.businessinsider.com/investing-strategy-tech-metaverse-megatrends-gen-z-bank-of-america-2022-4" target="_blank" rel="noopener noreferrer">Bank of America's thematics chief breaks down the 8 investing mega-trends he's backing to accelerate rapidly and transform financial markets over the next decade</a>

A crypto entrepreneur bought an NFT of Jack Dorsey's first tweet for nearly $3 million and tried to sell it for $48 million. The top bid is less than $7,000.

<ul><li><keyword id="10879114" type="UNKNOWN" weightage="20" keywordseo="non-fungible-tokens">Non-fungible tokens</keyword> (NFTs) in India may be subject to <keyword id="142904" type="PERSON" weightage="20" keywordseo="double-taxation">double taxation</keyword>, according to a report by the Economic Times.</li><li>Not only will NFTs be subjected to tax under the <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) but also the equalisation levy, which is normally reserved to foreign corporations.</li><li>Earlier this month, India’s Finance Minister Nirmala Sitharaman had clarified that the equalisation levy does not apply to investors — not to e-commerce companies.</li></ul>Non-fungible tokens (NFTs) have become a buzzword in India, even among those who may not necessarily be familiar with cryptocurrencies. But those looking to buy these digital collectibles in the country may have to end up paying more to the government. Sources told the <a href="https://economictimes.indiatimes.com/news/economy/finance/double-tax-for-nfts-deals-may-attract-gst-equalisation-levy/articleshow/85381175.cms">Economic Times</a> that buying a <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> may not only attract the normal Goods and Services Tax (GST) but also a 2% equalisation levy, which is normally reserved for corporations based outside of India but operating within the country. The idea also made the rounds when it came to <a href="https://coindcx.com/">cryptocurrencies</a> being taxed in India, but the speculation was shot down by India’s Finance Minister, Nirmala Sitharaman, last month. “Equalisation levy is imposed on e-commerce operators, not on the investors,” she explained during the Monsoon Session of Parliament on July 27. The controversial levy, also called the ‘Google Tax’, has historically only been imposed on foreign companies — like Amazon, Facebook and others. The logic behind the tax was for these companies to compensate the Indian government for earnings revenue from Indians through online ads. If double taxation does indeed come into effect, the adoption of NFTs in India could get slower than what has been seen over the span of this year. There is also ongoing debate over the value of these digital assets. Not only are they volatile, as with cryptocurrencies, but they’re also entirely speculative — as with works of art and qualitative assets in real life. <cmsannotation type="cmsannotation" annotationid="What is an NFT?" comment="subhead" text="What is an NFT?">What is an NFT?</cmsannotation> The <a href="https://www.businessinsider.in/investment/news/what-is-non-fungible-token-nft-everything-you-need-to-know/articleshow/84754933.cms">blockchain-based digital collectibles</a> have been making headlines not just for their high valuations, but also due to new use cases popping up as a result of the pandemic. In a world where social distancing and traveling are restricted, being able to attain collectibles online has been a popular choice for both the sporting world and its fans. An NFT, as its name implies, is non-fungible. In technical terms, each NFT is a unique code or blockchain-based digital file. This means that one NFT cannot be exchanged for another like with cryptocurrencies, where one Bitcoin is identical to the next, aside from ownership. The world’s largest platform for selling NFTs, OpenSea, saw trade volume surge 950% in the last 30 days to hit $1.22 billion, according to <a href="https://dappradar.com/ethereum/marketplaces/opensea">DappRadar</a>. <cmsannotation type="cmsannotation" annotationid="NFTs are growing rapidly in India" comment="subhead" text="NFTs are growing rapidly in India">NFTs are growing rapidly in India</cmsannotation> In India, NFTs may not be the crypto investment of choice for everyone, but the <a href="https://www.businessinsider.in/cryptocurrency/news/rich-indians-are-buying-up-nfts-to-diversify-their-investments/articleshow/84135195.cms">rich kids</a> are using them to diversify their portfolios. And, as seen globally, NFTs are also <a href="https://www.businessinsider.in/cryptocurrency/news/indias-nft-space-is-growing-almost-as-fast-as-crypto/articleshow/84974126.cms">emerging</a> as a new avenue for Indian artists to showcase their work and generate revenue. Indie pop icon <keyword id="4735933" type="PERSON" weightage="20" keywordseo="ritviz">Ritviz</keyword> and visual artist Santanu Hazarika sold their collaboration for $391.80 on the Indian crypto exchange WazirX’s NFT marketplace within 10 seconds going live. TV host and actor <a href="https://www.businessinsider.in/cryptocurrency/news/vishal-malhotra-nft-sold-for-5500-on-wazirx/articleshow/84135817.cms">Vishal Malhotra</a> was another big wig to sell his NFT, but for a much higher amount of $5,500. These are only a few of the 160 pieces of digital art that the WazirX-backed platform sold within a month of its launch in June.After its initial success, the NFT marketplace launched collectibles solely focused on athletes participating in the Tokyo Olympics this year. The company has mined GIFs, artwork, and other digital mementos to capture the historical wins seen in Japan. In addition to WazirX’s platform, <a href="http://yptocurrency/news/a-new-nft-platform-by-an-iit-bombay-graduate-wants-everyone-to-be-able-to-set-up-their-own-shop-online/articleshow/84610361.cms">NFTically</a> is another NFT marketplace available to Indian investors, which also allows them to set up their own shop if they don’t want to operate on <keyword id="11683645" type="UNKNOWN" weightage="20" keywordseo="nftically">NFTically</keyword>’s main platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/hacker-behind-610-million-crypto-hack-conducts-ama-claims-returning-the-money-was-always-a-part-of-the-plan/articleshow/85268481.cms">Hacker behind $610 million crypto hack conducts AMA — claims returning the money was always ‘a part of the plan’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-markets-are-recovering-and-mining-companies-in-north-america-are-raking-in-the-gains/articleshow/85237637.cms">Crypto markets are recovering, and mining companies in North America are raking in the gains</a>

You Searched For "opensea hacked" and got 11 results

OpenSea claims that its hack was never a hack, users fell for phishing scams

BI India Bureau

OpenSea is returning the millions users lost due to a bug

BI India Bureau

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

IANS

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

Adam Morgan McCarthy

BAYC NFT project suffers second hack of the year, this time worth $270,000

BI India Bureau

Meet the crypto 'Bonnie and Clyde': A TikTok rapper who calls herself the 'Crocodile of Wall Street' and her husband 'Dutch'. We look at their alleged links to the Bitfinex hack.

Shalini Nagarajan

Facebook’s Metaverse announcement is giving blockchain games a boost

BI India Bureau

A Snoop Dogg impersonator labelling himself 'Doop Snogg' fooled a New York NFT conference in a stunt designed to expose fakery in digital art

Abby Wallace

The company behind The Sandbox, Decentraland and Axie Infinity is now helping the Bored Apes Yacht Club launch its own P2E game

Madana Prathap

A crypto entrepreneur bought an NFT of Jack Dorsey's first tweet for nearly $3 million and tried to sell it for $48 million. The top bid is less than $7,000.

Shalini Nagarajan

Buying NFTs may get more expensive for Indians as the government mulls over double taxation

Prabhjote Gill