Stolen NFTs on OpenSea: A Breach of Security?

03/02/2023 14:07 • AI & Tech Insights • 67 views

According to reports, PeckShield monitoring showed that the stolen BAYC “Sewer Pass # 12097” had been sold on OpenSea at the price of 2.34 ETH, but the NFT was marked after the transaction was completed.

Stolen BAYC “Sewer Pass” # 12097 was sold in OpenSea at 2.34 ETH

Interpretation of the news:

The rise of Non-Fungible Tokens (NFTs) has revolutionized the way people perceive art, music, and other forms of creativity in the digital world. However, with the increase in popularity of NFTs, we have also seen a growing trend of hackers and cybercriminals carrying out thefts and frauds in the NFT space. The recent news of the stolen Bored Ape Yacht Club (BAYC) “Sewer Pass # 12097” being sold on OpenSea at a reduced price of 2.34 Ethereum raises concerns about the security of NFTs on popular marketplaces like OpenSea.

According to reports, PeckShield, a blockchain security company, was monitoring the BAYC NFT when it discovered that the stolen NFT was sold on OpenSea. What’s even more alarming is that the NFT was marked after the transaction was completed, implying that the person who bought the NFT had no idea that it was stolen property. This raises questions about the integrity of OpenSea as a marketplace and its ability to monitor the authenticity of the NFTs being sold on its platform.

It is worth noting that blockchain technology, the backbone of NFTs, provides inherent security measures in the storage and transfer of digital assets. The use of decentralized ledgers and cryptographic hash functions ensures that NFTs cannot be replicated or altered in any way. However, the security of NFTs depends on the security of the marketplace where they are bought and sold. In the case of the BAYC “Sewer Pass # 12097”, it appears that a breach of security occurred on OpenSea, allowing the stolen NFT to be listed for sale.

The incident shows that cybersecurity measures in the NFT space need to be improved to prevent such occurrences in the future. NFT marketplaces like OpenSea must take responsibility for ensuring the authenticity of the NFTs listed for sale on their platform. They should adopt enhanced security protocols such as multi-factor authentication and digital signatures to prevent fraud and theft. Additionally, users should exercise due diligence when buying NFTs on marketplaces and confirm the authenticity of the NFTs before making any purchase.

In conclusion, the stolen BAYC NFT being sold on OpenSea is a warning sign for the NFT ecosystem. It highlights the need for better security protocols and vigilance in the NFT marketplaces to ensure that NFTs are not compromised. NFT enthusiasts and investors must be cautious when buying NFTs and only purchase from reputable marketplaces that prioritize the security of their platform.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/ai/4625.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Stolen NFTs on OpenSea: A Breach of Security?

Stolen BAYC “Sewer Pass” # 12097 was sold in OpenSea at 2.34 ETH

Related recommendations