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.