This week, the crypto world has been watching one of the biggest crypto heists to date play out on Twitter.
Hackers stole $613M in cryptocurrency from DeFi platform Poly Network, which enables users to transfer tokens from one blockchain to another. A recent Poly Network tweet shared that more than half of what was stolen had been returned.
In March, hackers also stole NFTs from investors on Nifty Gateway, causing one user to lose $10K+ worth of work. Both events have sparked conversations about the safety of crypto exchange.
Crypto security experts aren’t deterred, but they do want you to be informed.
“I think this demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the use of blockchain analytics,” Tom Robinson, chief scientist of blockchain analytics firm Elliptic, tweeted.
What Robinson left out is that different assets and marketplaces work differently. In the NFT heist, Nifty Gateway explained that the source culprit was poor account management — the specific users’ credentials were stolen, and none of them had two-factor authentication enabled. Still, it's important to note that once an NFT is gone, it may be impossible to get back.
“The art heist highlights [] the security steps and understanding of decentralization that users new to the scene might be lacking... Once the transfer of an NFT, even a stolen NFT, is initiated… it cannot be reversed.” Benjamin Powers wrote for Coindesk.
So before we bring you the latest NFTs launches, we ask you to secure your accounts! You can also dive into an article or two about security pros and cons for decentralized and centralized models.
PartyBid - Combine your capital and bid on NFT actions
24 Hours of NFT - Claim your seconds of the day from an infinite loop of NFT art
NFTimeshares - Deposit an NFT and get back 12 Timeshares of that NFT
The Nifty - A suite of tools for monitoring the NFT market
Mintbase - Create and trade digital items as tickets, art, music, and more
Cheetah Club Coalition - A unique cheetah NFT for each one left in the wild, benefiting the Born Free Foundation
You can also check out the community’s current favorite crypto and NFT projects.
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