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Just In: NFT Trader Platform Compromised, Millions in Digital Assets Lost

NFT Trader hack leads to massive theft of top-tier NFTs, including BAYC, sparking security alert and unprecedented crypto community response.
Just In: NFT Trader Platform Compromised, Millions in Digital Assets Lost

NFT Trader, a peer-to-peer trading platform, has faced a significant security breach. This attack led to the unauthorized transfer of numerous high-value NFTs, including prized tokens from the Bored Ape and Mutant Ape Yacht Club collections, World of Women NFTs, VeeFriends, and Art Blocks. The financial repercussions are staggering, with losses running into millions.

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NFT Trader Platform’s Urgent Call to Users

Following the breach, NFT Trader urgently called its users to revoke permissions linked to two compromised smart contracts. This measure aims to prevent further unauthorized transfers. The company confirmed the attack on “old smart contracts” in an X post and highlighted the importance of user vigilance in securing digital assets.

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Hacker’s Actions and Demands

The main hacker, whose identity remains unknown, has communicated via the blockchain. They claim the exploit was initially intended to clean up “residual garbage.” However, the situation escalated, with the hacker demanding ransoms of 3 ETH and 0.6 ETH for the return of Bored Apes and Mutant Apes, respectively. Adding to the complexity, the hacker unexpectedly refunded one Bored Ape along with 31 ETH to a user and returned certain staked Bored Apes to their owners while retaining the ApeCoin rewards.

Reports have emerged of auxiliary hacks resulting in the loss of other NFTs, such as Cool Cats and Squiggles, from users’ wallets. The community response has been mixed, with confusion and concern over the unpredictable nature of the hacker’s actions. NFT Trader has not yet responded to requests for comments on these additional incidents.

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BAYC Founder Steps Up Amidst Crisis

In a significant development, the Bored Ape Yacht Club’s founder, Garga, has offered to pay the 10% ETH bounty demanded by the hacker. This intervention is critical to resolving the crisis and recovering the stolen NFTs. However, it also raises concerns about setting a precedent for future cyber attacks, signalling that ransom demands might lead to financial gains for hackers.

Read Also: VanEck CEO Predicts Record Bitcoin Highs in Next Year

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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