The way I read the article, the “worth millions” is the sum of the ransom demand.
The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.
Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
There were sufficiently stupid people to pay money for NFTs. They will sufficiently stupid people around to pay the ransom.
Can’t even read the website, as the third modal, the newsletter modal, refuses to close. Yeesh.
I guess the millions are in the transaction fees
Sounds like a great way to make an insurance claim on a bunch of NFTs worth “millions” that you could not convince anyone to buy.
…Been a minute since I’ve seen this fark headline meme.
No one is gonna buy any NFTs for millions lmao
As crazy as it sounds, some people do.
They did. For like a week last year. Then everyone realized it was a scam.
Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return.
I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.
Tickets, yes, door keys, no.
Besides the obvious of your door lock needing to be connected to the internet, and that could be a problem, what else do you see as being an issue with using it for door keys?
How exactly would that work? Keep in mind that the blockchain is by necessity not secret.
Right, but all the lock is doing is checking whether you own the NFT or not. If your house was in NFT, people could see that you bought a house, but not where it was as long as it was generic like house #40000
I never had a jpeg stolen from me.
What a time to be alive.
Let me get this straight, you can steal an nft but you can’t own an nft?
The platform behind the smart contract has to issue a new smart contract and migrate people to it.
Did they steal all NFTs?
I’m having difficulty with the word “worth”. It appears to be doing an awful lot of heavy lifting
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
Insurance scam? Not too be cynical, but after the price dropped a year(?) ago there were a number of thefts for which there was speculation about them being insurance fraud.
ITT: a handful of people starting to sweat about their NFT retirement strategy
