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Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)

submitted 11 months ago* (last edited 11 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 1 points 11 months ago (1 children)

there needs to be admin tools to restore the NFT to the proper owner.

The whole point of the blockchain technologies is that they're (supposedly) immune to state interference. What's on the blockchain is the "truth". The state wouldn't have any power to restore the proper owner of the NFT / house because they chose to trust blockchain instead of having control over the database.

If states can "restore ownership to the lawful owner", they can also seize people's cryptocurrencies.

That's why no state would ever have house registries on a blockchain that they didn't control. And if they did control it, there's no point in using a blockchain when they could just use a traditional database.

[–] stoy@lemmy.zip 1 points 11 months ago

Which is exactly what I have been trying to say