An alarming event has occurred at LiveArtX, where their wallet was compromised, leading to the theft of NFTs and causing a sharp decline in the value of the Meta-morphic Seven Treasures.
In Brief
LiveArtX's wallet has been compromised, leading to the loss of 197 NFTs from their prestigious Meta-morphic Seven Treasures collection.
The team is actively looking into the breach and has committed to providing restitution for affected users.
LiveArtX, the Web3 platform for art and culture LiveArtX revealed that their official wallet had been hacked, resulting in the theft of NFTs from the Meta-morphic Seven Treasures collection. Journalist Colin Wu reported that the collection's value had noticeably dropped. dropped by 84% in 24 hours.
The hacker successfully made off with 197 NFTs from both LiveArtX's treasury and marketing wallets.
The team communicated details regarding the hack to the community via their Discord channel:
On October 16th at 04:24:11 PM UTC, the intruder gained access to the Treasury Wallet.
By 04:24:35 PM UTC, the 197 NFTs stored in the Treasury were transferred to a specific address: 0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920.
At 04:47:11 PM UTC, the hacker executed the first sale after receiving a bid. This pattern of selling has continued, resulting in further declines in the floor price.
LiveArtX acknowledged three critical oversights: the lack of separation between operational and treasury wallets; the absence of a multi-signature authentication system for treasury management; and the issue of sharing the private key among several team members.
The stolen Meta-morphic NFTs, ranging from No. 1 to No. 199, have been frozen as the security team works diligently to track down the hacker. The company has provided all relevant data to security experts and has updated their smart contract. They are also offering to buy back the NFTs from their new owners and reimburse them for any losses, pending verification.
The The Meta-morphic Seven Treasures collection was conceived by the contemporary Chinese artist Huang Yuxing, and it presents a unique collecting experience that immerses you in the recurring themes and symbols found in his artwork. A total of 2,197 NFTs were initially offered, with the majority being sold in Mystery Boxes that contained unexposed art, while the compromised 197 NFTs were retained in LiveArtX's now-breached wallet. As Yuxing expresses, “It is a perspective of the world where the small appears grand and the grand seems small, a realm where all elements are interconnected…”
Sales analytics for the Meta-morphic: Seven Treasures collection, sourced from OpenSea.
In March, LiveArtX launched the $ART token To date, LiveArtX has gathered over $4.5 million in strategic investments from prominent firms like Animoca Brands, the BNB Chain Fund, KuCoin, along with a mix of other Web3 investors.
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Disclaimer
In line with the Trust Project guidelines Agne is a journalist who reports on the cutting-edge trends and advancements within the metaverse, AI, and Web3 sectors for Metaverse Post. Her enthusiasm for storytelling has allowed her to conduct numerous interviews with leading experts, always on the hunt for dynamic tales to share. With a Bachelor's degree in literature, her extensive writing background spans various subjects, including travel, art, and culture. She has also volunteered as an editor for an organization advocating for animal rights, striving to elevate awareness about animal welfare matters. You can reach out to her at.
