Sunday, September 25, 2022
HomeNFTTreasure, the largest NFT marketplace, halts operations due to an unknown exploit

Treasure, the largest NFT marketplace, halts operations due to an unknown exploit

An exploit has been identified in Treasure, the largest marketplace for non-fungible tokens (NFTs) on the Arbitrum blockchain. Treasure DAO co-founder John Patten confirmed it in a late-night tweet on March 2. Treasure had earlier today advised users to “delist everything” through instructions posted on its Discord server, and the marketplace had been paused. Its officials then clarified that they had identified the issue. The announcement caused outrage among Treasure users, who took to social media to warn others.

The full extent of the exploit and which items were stolen remain unknown, but a blockchain address connected with the hacker—shared by Twitter sleuths — gives some clues. That address seems to indicate that 17 Smol Brains, maybe the most popular NFTs sold on Arbitrum, were stolen. Based on their reported prices on the Treasure platform, the total worth of these items is 426,511.38 in MAGIC, Treasure’s native token, or roughly $1.4 million at current prices.

The news of the breach drove the price of MAGIC to drop from roughly $3.8 to as low as $2.6. The token’s price has rebounded considerably in the hours following the exploit, and it is presently trading at about $3.3. Treasure and John Patten were approached for comment but did not respond by press time.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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