this post was submitted on 17 Dec 2023
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634
Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)
submitted 7 months ago* (last edited 7 months ago) by yesman@lemmy.world to c/technology@lemmy.world
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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.

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[–] merc@sh.itjust.works 14 points 7 months ago

That's not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too.

That convinced a lot of idiots to "invest" in NFTs, then eventually the bottom fell out of the market.

As for artists, some made some money, but most of the money went into shit like "bored apes" which were algorithmically generated.