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Founder of DeFiance Capital loses $1.5 million in hot wallet attack

Hacker polygon

TL;DR Breakdown

  • Arthur_0x, the founder of DeFiance Capital, has lost more than $1.5 million in a hot wallet attack. 
  • It was presumably caused by a private key or seed phrase exposure.
  • He has demanded that the address be deleted. He’s looking into how the attack occurred.

Arthur_0x, the founder of DeFiance Capital, a digital asset management firm, has lost more than $1.5 million in a hot wallet attack.DeFiance Capital founder and crypto whale Arthur_0x had his crypto wallet attacked, losing more than $1.5 million, as he published in a tweet on 22nd March. The attack was caused by a private key or seed phrase exposure, as Arthur_0x is currently looking into how the attack occurred.

DeFiance founder lost $1.5M to hackers

As a result of this attack, The DeFiance Capital founder has demanded that the address be deleted. This unfortunate turn of events underscores the importance of keeping one’s assets safe and secure. It is unclear whether or not the funds will be recovered.

The DeFiance Capital founder has requested that the address be blacklisted because it revealed an important private key or seed code, which might lead to a stolen item. In the tweet, Arthur revealed that he was extremely cautious and frequently used hardware wallets.

However, this took place after Arthur had developed a bad habit of conducting NFT transactions on a hot wallet. Arthur’s wallet contained over 20 NFTs before they were stolen. This NFT is valued at approximately $1.5 million.

Crypto market has recently become vulnerable to hackers

Bad actors have long exploited smart contract bugs to steal digital assets from many cryptocurrency projects. Billions of dollars have been lost in recent years. Attacking the DeFi and NFT markets is a smart move for thieves who steal huge amounts of money. The repercussions of such events may be severe. Because authorities may hold investors responsible, projects will want to ensure that sensitive contracts are kept private. Smart contracts, as well as crypto-insurance companies, are working to protect investors.

An identical assault was carried out on the Rare Bears NFT project, which recently debuted in the non-fungible token sector. A hacker has stolen almost $800,000 from a Discord channel by posting a link that seemed to be phishing. The auditor determined that the hacker took 179 NFTs from the site. He acquired one of the most popular NFTs, Rare Bears NFT. He was also able to get his hands on Azuki and various LAND tokens aside from that.

This event reminds people that they should never store large amounts of cryptocurrency in online wallets, especially if they’re not using hardware wallets. If you must use a hot wallet, be sure to enable 2FA or multi-sig. You should also never store your seed phrase online.

Mary Brenda

Mary Brenda

I'm a content marketer with interests in emerging niche including Blockchain, Cryptocurrency, Esports, Video games and other tech. I've previous worked with a variety of clients, such as ASUS ROG, BitcoinBink, ESL India, OMEN by HP, Red Bull and more.

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