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Despite the ongoing rise in the cryptocurrency market, the NFT market is still in a wait-and-see mode. On December 25th, two phishing attacks were detected on Blur, the largest NFT marketplace in the Ethereum ecosystem. According to blockchain security company PeckShieldAlert, a total of 9 NFTs from popular collections like Dooplicator and LilPudgys were stolen in a phishing attack.
$3 Million Hack Attack
In addition to this incident, on December 16th, the NFT marketplace NFT Trader experienced a security breach that resulted in hackers stealing millions of dollars worth of NFTs. The NFT Trader team confirmed the incident on social media and identified that the attack targeted old smart contracts. Users were urged to cancel approvals made to certain addresses.
According to estimates by blockchain security platform Revoke Cash, the stolen NFTs include 13 Mutant Ape Yacht Club, 37 Bored Ape NFTs, as well as VeeFriends and World of Women NFTs, with the total loss reaching approximately $3 million.
What’s Happening in the NFT Market?
Following the attack, rumors and serious allegations also surfaced on social media. The identities of the hackers remain unknown, and one of the attackers claimed that another user initiated the attack and demanded a ransom for the return of the NFTs. The issue is still developing, and investigations are ongoing.
In 2021, the adoption of NFTs by users increased rapidly with the entry of famous brands such as Gucci, Nike, and Adidas into the market. This adoption led investors to spend over $21 billion on these digital ownership certificates for exclusive content and experiences. However, the rapidly adapting NFT industry faced significant challenges in 2022 due to bankruptcies in the crypto sector, global economic strain, and an overabundance of NFT collections, some of which were fake.
Now in 2023, the NFT market is still struggling, yet the monthly volume continues to exceed $415 million. This indicates that investors are still embracing NFTs. However, the industry cannot gain momentum due to ongoing fraudulent activities, and the number of transactions is not significantly increasing. This situation continues to create fear and concern among Web3 users about the NFT market.
