Hackers have started restoring stolen “Smol Brains” and other non-fungible tokens (NFTs) hours after targeting popular Arbitrum-based marketplace Treasure on Thursday morning, according to developers. Treasure is the world’s largest NFT ecosystem, and it runs on Arbitrum, a layer 2 protocol built on top of the Ethereum blockchain. Each project mentioned on the Treasure marketplace employs the local MAGIC token in its own metaverse.
With MAGIC, users may have a say in future decisions and help shape the marketplace’s development. The metaverse is the immersive digital environment generated by mixing virtual reality and augmented reality. In the early Asian hours of Thursday, hackers were able to exploit a weakness in the protocol, allowing them to mint NFTs for free. Treasure has demanded that users withdraw their NFTs from the marketplace at the time. NFTs are tokens that represent digital or physical assets on the blockchain.
According to blockchain addresses identified by sleuths, the attack took several “Smol Brains” and “Legions.” Treasure’s most popular NFTs are the Smol Brains, with some claiming that the stolen collection alone was worth over $1.4 million at the time of the raid.
MAGIC prices plunged by 40% in the hours following the attack. Prices have since rebounded to $3.34, according to CoinGecko data. On Thursday, treasure was once again in the news, this time for the second time in as many weeks. According to anonymous blockchain investigator ‘zackxbt’ in February, Treasure founder “JC” was previously involved in several short-lived NFT enterprises that were abandoned soon after anticipated launches.
According to Riches, JC worked on a contract basis and completed specific tasks before the previous projects were abandoned by their authors.
It’s a wrap for this story.
