Nifty Gateway

Hackers Target NFT Marketplace Nifty Gateway

It is not surprising that scammers have found a way to infiltrate the NFT (Non-Fungible Token) marketplaces especially with the increasing attention the space is getting lately. Many Twitter users have reported that their Nifty Gateway accounts have been hacked and their NFTs were stolen. However, the NFT marketplace responded that the effect of the attack was minimal.

Crypto Scammers Now Targeting NFT Marketplaces

Non-Fungible tokens are a unique digital asset in that they can store digital works like art, music etc. Like Bitcoin, it runs on blockchain technology and is immutable. However, unlike BYC, they are non-exchangeable but can be traded.

Nifty Gateway is a digital marketplace where NFTs are traded. Today, the platform users reported that hackers gained access to their accounts and have made away with their NFT collections.

The first person to raise the concern was a Twitter user, Michael Miraflor. He claimed that someone stole his NFTs on the platform to buy more than $10Kworth of today’s drop without his knowledge.

He added that Nifty Gateway also confirmed the attack and has revealed how the hackers sold the NFTs. Nifty Gateway claimed that the hackers went to Discord channels to look for buyers. However, other account-holders have revealed via Twitter that they also experienced the same issue.

NFT Marketplaces Are the Future

Another user, @KeyboardMonkey3, said that the hackers used his registered credit card to purchase an artwork worth about $20k. However, Nifty Gateway responded that the platform was not breached but that the attackers gained access to the accounts using valid credentials.

The NFT frenzy is understandable as they are starting to gain wider mainstream adoption. Recently, a popular digital artist, known as Beeple, made $69 million after he sold an NFT of his work. The sale is the third most expensive sales in the history of art. Although NFTs look promising, the marketplace may turn sour quickly if it continues to be haunted by scammers.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts