Crypto Entrepreneur Kevin Rose Loses Around $800k Worth of NFTs in Hack
Digg founder and prominent web3 investor Kevin Rose has just fallen fowl of a wallet hack. Rose apparently signed off on a number of malicious transactions in his Ethereum crypto wallet.
The hackers appear to have made off with dozens of expensive non-fungible tokens (NFTs), including 25 Squiggles NFTs and an Autoglyph NFT. The floor price, according to nftfloorprice.com, of Squiggles NFTs was last around 13 ETH, or just under $20,000. Autoglyph NFTs have low market liquidity, but were last traded for around 200 ETH (over $300,000).
Rose had been trying to sell his Autoglyph NFT for $539,000. In total, it looks like Rose has lost at least $800,000 in NFTs via the hack, which can be verified here on Etherscan. Rose urged his follower to avoid buying any Squiggles (and other NFTs) until they have been flagged.
Rose will be relieved that he did not lose his entire NFT collection, including the crown jewel of his collection – a grail zombie CyberPunk NFT that have in the past sold for millions of dollars.
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Third Major NFT Hack This Month
The attack on Kevin Rose is the third major incidence of NFT theft this month, according to web3 grift and criminal behavior news tracking website web3isgoinggreat.com.
Back on the 13th of January, NFT GOD’s wallet was drained after his computer was infected with malware. NFT GOD lost all of his NFTs and crypto, including a Mutant Ape NFT which was then sold on for 16.65 ETH (around $25,800).
NFT GODS’ social media accounts were also hacked and used to send out phishing links to his base of followers. Meanwhile, on the 4th of January, crypto influencer @CryptoNovo was hacked, losing NFTs were quickly flipped for a total of 417 ETH, worth around $525,000 at the time. CryptoNovo had paid at least double for the NFTs when they were first purchased back in 2021.
Crypto Safety a Key Concern For Investors
Fund safety has been identified as a key barrier to crypto adoption – if the risk of losing funds to robbers remain as high as it is, many will remain deterred from investing in/using crypto.
But crypto users can take steps to reduce their risk of losing funds. When crypto is stored on a platform like a centralized exchange, investors should set up 2 Factor Authentication whenever possible, which can be further strengthened by using Google’s Authenticator application.
Investors should also consider withdrawing funds to a hardware wallet, ensuring that they back up their seed phrase properly and using strong, varied passwords. When interacting with Decentralized Finance (DeFi) protocols, crypto users should take particular care to ensure they aren’t on a fake website or dApp that actually aims to steal their information/funds.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.