Hackers return NFTs stolen from Treasure marketplace


TL;DR Breakdown:

  • The NFTs stolen from Treasure marketplace have been returned by the hackers. 
  • Hackers stole Smol Brains, Legions, and several other NFTs of different collections.
  • Treasure DAO is working on a remediation plan for anyone who doesn’t receive their assets back. 

Early Thursday, the largest non-fungible token marketplace on Arbitrum blockchain was exploited, resulting in the loss of users’ NFTs. However, recent transaction records on the blockchain indicate that the hackers have returned almost all the stolen NFTs, spurring hopes that users could receive their assets back. 

What happened to Treasure marketplace

According to reports, hackers exploited a bug on Treasure protocol in a series of transactions that allowed them to purchase NFTs from the marketplace at zero cost. Blockchain security analytics firm PeckShield explained that more than 100 NFTs of different collections, including the popular “Smol Brains and Legions,” were stolen as a result. 

Treasure confirmed the attack and instructed users to delist their NFTs from the marketplace while they investigated the source of the attack. “Please delist your items. We will cover the costs of the exploit — I will personally give up all of my Smols to repair this,” said the co-founder of Treasure DAO John Patten.

Users will be remediated

In Treasure’s Discord channel, the developers informed that the source and cause of the problem had been resolved. In addition, they said that users who did not receive their assets back would be remediated.

“Once we have the full list of remaining impacted parties who did not receive back their stolen NFTs, we will propose a number of remediation options to ensure users are made whole. These options will be tabled with the community and voted on by the DAO,” the developers precisely noted. 

MAGIC is the native cryptocurrency of Treasure marketplace, with which NFT listed on the platform are priced. Following the incident, the price of MAGIC sharply fell by about 40 percent to $2.522, according to CoinMarketCap. At publication time, the token has slightly regained to $3.38, a 10 percent decrease on the 24-hour chart. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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