Key Takeaways:
- The NFT LiveArtX platform reported that some NFT reserves were sold after their official wallet was stolen.
- LiveArtX’s Seven Treasuries NFT collection saw a 95% decrease in value over the previous day.
Several non-fungible tokens (NFTs) from the Meta-morphic Seven Treasures Collection were stolen from LiveArtX early on Monday.
The exploiter moved 197 NFTs to an address after gaining access to the platform’s treasury wallet so that they could be sold for amounts significantly less than their listed price and thus violate the collection’s floor price.
Following the compromise, LiveArtX quickly acknowledged that they were addressing the issue via their official Twitter account. Since then, the team has not provided any additional information. The community has since demanded a refund and accused LiveArt of defrauding them.
The platform’s team claimed that after the incident, the smart contract was modified. It follows that the stolen private key is no longer valid. Users won’t be able to purchase or trade the NFTs that were listed on OpenSea as a result.
According to data from OpenSea, the NFT’s floor price is 0.2 ETH, or about $260. The NFT’s average price on October 15th was 1.14 ETH, or roughly $1500. Today, the price fell to just under 0.36 ETH, a decrease of more than 70%.
A team member from the platform claimed:
“We failed to divide the Treasury wallet from the operations wallet. For the Treasury wallet, we failed to implement a multi-sig mechanism. Several team members received access to the private key.”
The community is undoubtedly outraged at LiveArtX; numerous users are requesting refunds and making scam accusations.
2022 by far, brought to us a lot of NFT-related talks, from the U.S. SEC’s investigation of Yuga Labs to Japan’s Prime Minister Fumio Kishida’s plans to increase investments in NFTs and the metaverse.
One thing to know about the crypto realm is every day brings a new story!
