SNEAK PEEK
- LiveArtX’s Seven Treasures NFT Collection has been stolen recently as the exploiter gained access to the treasury wallet and managed to steal 197 NFTs.
- The exploiter started selling the NFTs at prices much lower than their previously listed values, which led to the breakdown of the floor price of the collection.
- The LiveArtX team revealed that they did not separate the operation wallet from the treasury wallet and failed to implement a multi-sig mechanism for the treasury wallet.
In a recent happening, it was revealed that the Seven Treasures NFT Collection of LiveArtX had been stolen as the exploiter managed to gain access to its treasury wallet and did steal 197 NFTs. After gaining access to the treasury wallet of the platform, the exploiter carried out the transfer of 197 NFTs to a wallet with the address “0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920.”
We are doing all we can to resolve the issue with the compromised wallet and we will keep the community updated.
— LiveArt (@LiveArtX) October 16, 2022
After the transfer, the exploiter started selling the NFTs at prices much lower than the values that were listed before, which further led to the breaking of the floor price of the collection. As revealed, the price of the collection slumped from 1 Ether (ETH) to 0.1 Ether.
LiveArtX addressed the fact that the stolen NFTs have already been frozen and that they are working on the identification of the attacker. This attack took place following the exploiter gaining access to the private key of the Seven Treasures collections that allow the sale of NFTs.
This private key is a secret number that is used in blockchain technology and allows its holders to access, transfer, and change information about the tokens or data of that private key. Well, as per the team members, the smart contract has been updated, and thus, the users won’t be able to buy or sell the NFTs on OpenSea.
LiveArtX took it to Discord to reveal that they did not separate the operation wallet from the Treasury Wallet and failed to implement a multi-sig mechanism for the wallet. In addition to this, it should be noted that the private key was passed on to more than one team member.
