Breaking: LiveArtX’s Seven Treasuries NFT Collection Stolen

• • A fraudster has gained access of LiveArtX’s treasury wallet and stole 197 NFTs.
  • The stealing of the NFT collection has led to the exploiter breaking floor price.

Non-fungible token (NFT) platform LiveArtX was hacked on Monday, with the loss of 197 NFTs from its Meta-morphic: Seven Treasures Collection. The hacker gained access to the platform’s treasury wallet and transferred the NFTs to a wallet with the address “0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920.” The hacker then began selling the NFTs at lower prices than their initial listed values, which caused the floor price of the collection to plummet from 1 ether (ETH) to 0.1 ETH.

LiveArtX said that the stolen NFTs have been frozen and that the company is working to identify the attacker. The company also said that it has implemented security measures to prevent future hacks, such as separating the operation wallet from the treasury wallet and implementing a multi-sig mechanism for the treasury wallet.

A multi-sig mechanism requires multiple signatures to approve a transaction, which makes it more difficult for a single hacker to gain access to a wallet.

LiveArtX is not the first NFT platform to be hacked. In October, decentralized exchange Mango was drained of $117 million worth of crypto. The hacker later came out and defended the attack, saying that he was simply exploiting a vulnerability in the platform.

The crypto world has seen a number of high-profile hacks in recent months, as the industry continues to grow and mature. As the value of crypto assets continues to rise, it is important for platforms and investors to take steps to protect themselves from hacks.

Here are some tips for protecting your NFTs from hacks:

• Use a secure hardware wallet to store your NFTs.
• Only connect your wallet to trusted websites and applications.
• Keep your private keys safe and secure.
• Be aware of the risks of phishing attacks.
• Report any suspicious activity to the platform or exchange where you purchased your NFTs.

By following these tips, you can help to protect your NFTs from being hacked.