ZenGo Security Team Launches Dashboard To Detect Opensea NFT Hack – Cryptopolitan
On the OpenSea marketplace, a wallet security team has launched a real-time dashboard that enables community members to track, monitor and detect suspected non-fungible token (NFT) hacks using offline signatures.
The developers of the cryptocurrency wallet ZenGo claim to have developed an easy-to-use NFT hack detection. This includes tracking realized NFT trades in the NFT market and contrasting the trade amount with the floor price of the NFT collection. A suspected hack will be alerted if the ratio between the two trading values is suspiciously low.
At the time of publication, the dashboard indicated that offline signatures had been used to hack nearly $25 million worth of NFTs. First, this type of hack does not have a standard method of indicating the meaning of the messages that users must sign. This means that users must “blindly sign them” and “blindly trust” the message. Be’ery added that this type of hack involves platform contracts and stated that platforms bear some of the blame in these circumstances.
Crypto wallet ZenGo team is looking forward to more partnerships
ZenGo executive responded that there is currently no good answer to the problem when asked about potential community options. He clarified that users have access to several proprietary browser extensions that provide some visibility to some offline signatures, but they need to be updated as they do not cover all offline signatures.
The ZenGo team has reportedly begun working with the Ethereum Foundation, other decentralized programs, and other wallets to produce a draft Ethereum Improvement Proposal (EIP) that, if adopted, would remedy the problem.
Beery stated that according to the ZenGo wallet software, the EIP allows a contract to define the exact meaning of the offline signature, so that the user can see it and decide whether they want to sign the offline signature and is not required to sign it. blindly.
NFT disadvantages
It is worth noting that the growing interest in NFT started in 2021 with the bull run in the cryptocurrency market. One year later, after a phishing attempt cost Opensea users $1.7 million worth of NFTs, initial interest had turned to skepticism.
When the hack first occurred, OpenSea was in the process of renewing its contract system. The NFT marketplace disputed that the attack was a result of one of the new contracts, and therefore the majority of the attack’s specifics are unclear.
Trading volume in the NFT market has decreased significantly over the past year. In comparison, the worldwide cryptocurrency market has experienced a year-over-year decline, falling from a high of over $2 trillion to under $900 billion at the end of last year.
