A scammer targeted NFT OG CryptoNovo this week, stealing several CryptoPunks, BAYC, RTFKT, Meebits, and other NFTs. The scammer stole NFTs worth over seven figures in total! The worst part? CryptoNovo may have brought this upon himself by signing a malicious transaction, the NFT community points out.
Did the NFT OG CryptoNovo Get Scammed?
Another day, another hack in the NFT space! This time, the victim is none other than CryptoNovo – the NFT whale behind Decentraland’s NovoVerse. Earlier today, the collector tweeted the tragic news which quickly became viral.
According to Etherscan data, the anonymous hackers stole his most prized possessions. The list includes Mutant Apes, RTFKT CloneX, and Meebits tokens. All in all, CryptoNovo lost seven figures worth of NFTs – but could it be his fault?
According to crypto developer @proper, CryptoNovo had signed a malicious transaction by mistake. This might’ve allowed hackers to access and drain his hot wallet. Here’s one example showing that the owner offered “unlimited allowance” to a suspicious address:
Of course, @proper advised CryptoNovo to revoke access and permissions to his NFT wallet in order to prevent further scams. At the time of writing, CryptoNovo hadn’t replied to this post yet.
Nevertheless, this evidence raised bigger issues for the NFT community: can we ever trade NFTs safely?
Can You Prevent Hacks in the NFT Space?
There are many kinds of hack, and so we need to be aware of how hacks happen. One hacking method is through signing malicious smart contracts, because people can’t (or won’t) read they carefully. Other times, hackers may get past the toughest security measures to take over a project’s socials and place phishing links.
Either way, one thing anyone can do is to use multiple wallets to store and trade your NFTs. Accordingly, NFT pros advise keeping your most valuable collectibles in a cold wallet and use hot wallets just for transactions. Therefore, if you are hacked, it will be for an empty wallet, not one full of NFTs.
Don’t know how to store your NFTs? Our guide can help you choose the best crypto wallet to start buying NFTs safely! Also, check out our guide to NFT security with Ledger for more information on how to keep your assets safe.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.