Home
News
- Arthur_Ox, the founder of DeFiance capital recently went through a loss in NFTs and crypto which was of about $1.6 million.
- Using a hot wallet on mobile is indeed not safe enough, he highlighted via a Tweet.
- Investors should always take proper security precautions with their assets, as NFT and crypto assets frauds have become pretty common.
Recently, DeFiance Capital founder Arthur_Ox has witnessed a major loss of more than $1.6 million due to a hack on his hot wallet, he incurred a loss in Non-Fungible Tokens (NFTs) and cryptocurrency.
Following this, he got massive support from the community when he asked them to block the hacker’s address. Various individuals on Twitter tried to determine exactly how the hacker managed to gain access to his wallet.
Cirrus, the NFP community member, even bought two of the stolen Azuki NFTs while deciding to return them back to Arthur at cost.
Overall, apparently, Arthur has lost 78 various NFTs from different collections which were mostly Azukis. Furthermore, he lost 68 Wrapped Ethereum (wETH), 4,349 staked DYDX (stkDYDX), and 1,578 LooksRare tokens (LOOKS).
The hacker began with the moving of assets at around 12:30 am UTC, and then instantly put all the NFTs up for bid on one of the largest NFP marketplace OpenSea.
This Hack signifies the necessity of operational security while dealing with the self custody of crypto assets as absolutely anyone could be attacked.
According to Arthur, he was left bewildered as to how this actually happened and highlighted in a Tweet that using a hot wallet on mobile is indeed not safe enough.
He further believes that maybe this security breach happened because of a transaction he made on-chain which may also have compromised the seed phrase
Arthur further tweeted, referring to the hacker, that the only thing he can say to the hacker is that he messed with the wrong person.
It’s easy to fall into such traps of hacks and frauds in the crypto industry, and NFT =and crypto frauds are always a danger hence investors should always take proper security precautions with their assets.
ALSO READ: Crypto related services in demand as per major banks
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
