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High-profile investor accidentally gives away NFT collection

Proof Collective co-founder Kevin Rose is the latest high-profile NFT investor to fall victim to a “social engineering” attack. On Wednesday, he signed a single deal that inspired him to sell most of his collection for free.

Rose is a well-known technology investor. Before he entered the world of NFTs, he co-founded Digg, worked at Google Ventures, and created an app focused on fasting and meditation. Launching in late 2021 and creating his popular Moonbirds series, members of his Proof Collective include Beeple and Gary Vee.

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Given the nature of NFTs, it is difficult to determine the total loss.Rarity within the collection, price volatility between sales, and market illiquidity make assessment difficult, but Arkham Intelligence put illustration of $1.09 million (using the floor price of [the tokens’] relative collection”), 0xfoobar Estimate Worth about $2 million.

All of the lost tokens were from Rose’s personal collection. Proof Collective holdings protected by multi-signature accounts are unaffected.

Luckily for Rose, some of the most valuable tokens in his collection were never taken.These include Two Cryptopunks (one of which last traded for $1.8 million)perhaps a collection predator The current default token standard for NFTs.

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How Did Kevin Rose Get Scammed?

Rose was “phished” into signing. transaction We bundled the NFTs into one sale (price 0 WETH) and forwarded them to the attacker’s address. This bundle was created by manually manipulating OpenSea’s Seaport contract and can be presented to Rose via social engineering.

read more: Biggest NFT headlines for 2022

A decentralized blockchain system may be very secure at the network level, but The human-readable transaction data displayed by most wallet software is a major security risk. for many users.

This isn’t the first time a well-known NFT collector has been phished. Actually, it’s not even the first of the month.

NFT god lost in less than 2 weeks all Even after downloading malware Description He himself admitted to being “very technical” and entered his seed phrase “so as not to be sober any longer.”

It is possible that more collectors will be released from digital art in the future. A multi-million dollar industry built around trigger finger FOMO and often run through an indecipherable interface creates a bountiful body of fishing spots.

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