ZenGo is working to help investors spot NFT hacks with a new dashboard
It is clear that the non-fungible token (NFT) market has been plagued by hackers and scammers. This is something that also happened in the cryptocurrency and blockchain markets. New technology creates new opportunities, but challenges arise. This is why ZenGo’s security team decided to create a new dashboard that will help investors detect and monitor NFT hacks on the OpenSea market.
ZenGo creates NFT Dashboard to detect hacks on OpenSea
ZenGo and its security team created a new dashboard to help investors track and monitor NFT fraud and hacks using the NFT OpenSea marketplace. The aim is to help investors ensure they know what they are investing in and avoid falling victim to hackers and fraudsters. This is particularly important for the OpenSea NFT marketplace since it uses offline signatures.
The offline signature system is a secure method of authorizing transactions in the NFT market, as it allows private keys to be kept offline, away from potential hacking attempts.
This dashboard is a valuable tool for investors in the NFT market as it allows them to track and monitor their NFT holdings and detect suspicious activity. The ZenGo security team’s simple method of comparing data makes it easy for investors to use and understand, ensuring they can protect their NFT investments from bad actors looking to exploit the growing market.
But how does this dashboard work? The dashboard will enable users to track NFT holdings and detect suspicious activity. By comparing market data, it is possible for investors to ensure that they are protecting their investments against bad actors, which are very common in this growing market.
The dashboard has precisely helped investors recognize Close to $25 million worth of NFTs that were hacked using offline signatures. Therefore, we know that there may be new discoveries in the future and red flags for many other NFTs at OpenSea.
ZenGo’s security team explained:
“We believe that this data, conveniently made available as a public dashboard with multiple charts and graphs, can serve as a very valuable resource for other security researchers, NFT communities (who can filter the data to include only their NFT collections) and wallet users .”
It is worth pointing out that users will be able to access valuable information about hacks and NFTs. Also, they can get data about attacks, hacking collections and more. This could become one of the best tools for collectors to avoid becoming the next victim in the NFT market.
The NFT market needs improvements
The NFT market has experienced enormous growth in recent years, with sales in the billions range. However, this has also attracted bad actors seeking to exploit the market, making security improvements necessary.
Security is a key point that investors should consider before entering the market. Without understanding how blockchain technology works and how they can protect their assets, it can be very difficult for them to protect their funds and NFTs.
Another thing to take into account is the lack of standardization and transparency in NFT creation and sales. This challenge has led to fraud and confusion among investors and creators, who struggle to determine the value of NFTs.
By improving safety and standardization, industry leaders and regulators can promote a healthy and sustainable market, building trust and confidence among investors and creators. Currently, ZenGo and many other private players (including NFT marketplaces) are working to improve industry standards and provide better services and products to users from around the world.
