LiveArtX NFT Platform Reports Compromised Wallet, Seven Treasures Collection Slumps

17 October 2022, 06:02 GMT+0000
Updated by Kyle Baird
17 October 2022, 06:02 GMT+0000
In Brief
  • NFT platform LiveArtX is claiming that one of its wallets became compromised.
  • Its Seven Treasures collection floor price has fallen over 80% in the past 24 hours.
  • NFT hacks and exploits have become a popular vector for attackers.
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Non-fungible token (NFT) platform LiveArtX is reporting that one of its wallets has been compromised in what appears to be the latest crypto heist.

Details are thin on the ground at the moment, but the web3 art and culture platform posted that it is doing all it can regarding a “compromised wallet” on Oct. 17.

Chinese blockchain industry reporter Colin Wu added that the Seven Treasures series NFT released by LiveArtX has fallen by more than 80% in price over the past 24 hours.

At the time of press, there were no further updates on LiveArt’s Twitter feed or Telegram channel. The responses to the original tweet 9 hours ago called for refunds and accused the project of rug-pulling.

Seven Treasures slumping

The Seven Treasures collection by Meta-Morphic artist Huang Yuxing is described as “a generative art project that brings you on a journey through nature.” There are 997 items in the collection, which was launched in September 2022.

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According to the OpenSea NFT listings page, the floor price is 0.2 ETH (approx. $260). The average price on Oct. 15 was 1.14 ETH (approx. $1,500), but today that has tanked almost 70% to 0.36 ETH.

NFTGO data is reporting that the project’s market capitalization has slumped 53% over the past 24 hours, down to 586 ETH (approx. $765,000). However, the 24-hour volume has surged almost 600%, which could be a result of the wallet being emptied and NFTs on the move.  

New York-headquartered LiveArtX raised $4.5 million in a funding round in March when it held an initial coin offering. The firm launched the ART token as part of the round that included contributions from Animoca Brands, Binance, and Alameda.

NFT hacks on the up

Despite the bear market and NFT sales slumping this year, hacks and exploits targeting NFT projects and holders have increased.

Earlier this month, high-profile NFT artist “Beeple” warned users about malicious links being posted on his Discord server, which had been hacked. The links would redirect followers and collectors to fake servers that could steal NFTs and digital tokens.  

Last month both the Belarusian President and Billy Murray fell prey to NFT hackers.

The majority of these attacks and exploits use social media and social engineering tactics to lure victims into clicking malicious links which redirect them to crypto-stealing malware.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.