LiveArtX reports compromised wallet, seven treasures NFTs decline
Non-fungible token (NFT) platform LiveArtX is reporting that one of its wallets has been compromised in what appears to be the latest crypto heist.
Details are thin at the moment, but web3’s arts and culture platform published that it is doing everything it can regarding a “compromised wallet” on October 17th.
Chinese blockchain industry reporter Colin Wu added that the Seven Treasures series NFT published by LiveArtX has dropped more than 80% in price in the last 24 hours.
At press time, there were no further updates on LiveArt’s Twitter feed or Telegram channel. The replies to the original tweet 9 hours ago asked for a refund and accused the project of incubating.
Seven Treasures fall down
The Seven Treasures collection by Meta-Morphic artist Huang Yuxing is described as “a generative art project that takes you on a journey through nature.” There are 997 items in the collection, which was launched in September 2022.
According to the OpenSea NFT listing page, the floor price is 0.2 ETH (about $260). The average price on October 15 was 1.14 ETH (about $1,500), but today it has dropped almost 70% to 0.36 ETH.
NFTGO data reports that the project’s market capitalization has fallen 53% in the last 24 hours, down to 586 ETH (about $765,000). However, 24-hour volume has increased by almost 600%, which could be a result of wallets being emptied and NFTs on the move.
LiveArtX, which is headquartered in New York, raised $4.5 million in a funding round in March when it held an initial coin offering. The firm launched the ART token as part of the round that included contributions from Animoca Brands, Binance and Alameda.
NFT is hacking upwards
Despite the bear market and NFT sales falling this year, hacks and exploits targeting NFT projects and holders have increased.
Earlier this month, high-profile NFT artist “Beeple” warned users about malicious links posted on his Discord server, which had been hacked. The links will redirect followers and collectors to fake servers that can steal NFTs and digital tokens.
Last month, both the Belarusian president and Billy Murray fell victim to NFT hackers.
Most of these attacks and exploits use social media and social engineering tactics to lure victims into clicking on malicious links that redirect them to crypto-stealing malware.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
