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ART & COLLECTABLES

Bored Ape NFTs and Derivatives Cost the NFT Collector $2.7 Million

The hacker gained access once the victim signed a transaction with their wallet holding Bored Apes. All of the victim’s Bored Apes and other valuable NFTs were transferred by the assailant.

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#nft #nfthours #bayc #boredape #moneylost

On Monday, NFT collector Larry Lawliet was the victim of a suspected social engineering attack that resulted in the loss of seven costly Bored Apes and a collection of other NFTs.

The assailant appeared to have duped Lawliet into signing fictitious transactions that gave them access to his NFTs. They then transferred the NFTs to their wallet using this access.

Lawliet posted on Twitter that the intruder had stolen 13 of his NFTs, including seven Bored Apes, five Mutant Apes, and one Doodle. Based on the floor price of the NFTs stolen from Lawliet’s wallet, his total loss is $2.7 million.

How it happened

The victim’s problems began when an attacker (presumably the same individual) gained control of another NFT collection named Moschi Mochi’s Discord server and made a false announcement regarding an additional mint. As a result, members of the Moschi Mochi community were invited to take part in an extra mint of 1,000 NFTs for a chance to win a $25,000 raffle.

Lawliet communicated with the bogus mint and sent 0.49 ETH in exchange for 14 of the scam NFTs, according to his wallet address on Etherscan. Lawliet’s transaction history indicates a lot of “set approval” transactions just after the transfer.

The hacker’s “0xD27” address was set as an approved address in all these set approval transactions. When signing these transactions with his wallet, the victim was duped into using the “setApprovalForAll” method.

The fact that when someone confirms a blockchain transaction using an in-app browser like MetaMask, it’s not always evident what permissions they’re providing to the website is crucial. In this case, the victim mistook the transactions for routine ones when he was handing away control of his own NFTs.

However, MetaMask has a function that allows users to view the exact nature of their transactions before they are executed. This stage is selecting the “details” tab, which provides information about the transaction, including critical details such as the addresses that have been approved. Unfortunately, investors may not always check this amid the rush for an NFT mint.

The setApprovalForAll contract call permitted the hacker to initiate the “transferFrom” contract call, allowing them to transfer all of the victim’s Bored Apes to another wallet. A call is a programming construct that allows a user to run the code of another contract, in this case the ability to transfer NFTs from the victim to the hacker.

After gaining possession of the victim’s NFTs, the attacker began moving them to a second wallet. The hacker was able to steal the Bored Apes as well as other NFTs such as Mutant Apes and Doodles using this way.

Possible preventative measures

Social engineering assaults targeted at stealing valuable NFTs continue to target owners of popular NFT collections like BAYC. The collection has a floor price of over 118 ETH ($320,000) at the time of writing.

In the wake of occurrences like this, security experts recommend using “burner wallets,” or addresses with only a little amount of money to meet gas costs. As a result, if the transaction is a phishing scam, the victim’s losses will be greatly reduced.

Verifying transaction data before approving could also be a good precaution. Approvals should only be given to “trustworthy contracts” with long transaction history, as Tal Be’ery phrased it. Web wallets, like as MetaMask, display transaction data and might be valuable in detecting phishing attacks.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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