Mintable agrees to return stolen OpenSea NFTs

Mintable agrees to return stolen OpenSea NFTs

Leading non-fungible token (NFT) marketplace OpenSea announced an update to the service on Saturday, asking users to migrate their listed assets from the Ethereum (ETH) blockchain to a newly created smart contract.

However, in the hours that followed, 32 platform users became victims of an email phishing attack that resulted in $1.7 million worth of ETH being stolen by an anonymous entity.

OpenSea CEO Devin Finzer published a thread of tweets explaining that the breach was orchestrated through fake email scams that assured users of their OpenSea identityconvincing them to sign a digital message with their wallet, thereby unwittingly granting a transferable license to the hacker’s asset.

CTO Nadav Hollander also tweeted that “none of the malicious commands were executed against the new contract (Wyvern 2.3)indicating that they were signed before the migration and are unlikely to be related to the OpenSea migration flow.”

In the wake of this, Hollander called for more security education in the Web3 space, specifically around off-chain message signing.

Three of the missing NFTs belonged to the popular Azuki NFT collection. The project, which had 10,000 avatars, focuses on cultivating an inclusive metaverse community made up of artists and Web3 advocates.

The project was inspired by the Azuki bean -also called the Adzuki bean-, an East Asian culinary staple as well as an auspicious message in Japanese culture. References to the taking of the red bean and the next BEAN token establish this intention. Azuki currently has a minimum price of 11.79 ETH, equivalent to $32,155.

In a philanthropic turn of events, the NFT Market Mintable bought three of the Azuki from emerging OpenSea competitor LooksRare for 0.2 ETH below the minimum price, and now intends to reunite them with their original owners.

Read:  Is Illuvium the first fun crypto RPG game?

Mintable founder and CEO Zach Burks openly criticized OpenSea’s lack of response to the hack.stating: “Sadly, it appears that even though they have over a billion in cash, they can’t afford a refund of 1.7 million to their users.”

Burks revealed that Mintable is working together with the Azuki team, and product manager Demna, to find a suitable solution for the incumbents, with the NFTs expected to be returned to their rightful owners in the coming days.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.