Hackers steal NFTs worth millions, from Apes to Art Blocks, in NFT Trader exploit
www.theblock.co
The major hack may be the worst attack to hit the NFT community in its history, with millions of dollars in potential losses.

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.

  • TheHarpyEagle@lemmy.worldEnglish
    1·
    1 year ago

    The distinction isn’t meaningless, it’s actually vitally important. The thing is, we’ve been here before, hundreds if not thousands of times, with the stock market and other speculative bubbles. Once a big enough entity decides to cut their losses and bail with whatever they can get, all that “value” disappears and there’s no inherent value of the asset itself to fall back on. So it has been with other crypto crashes in the past few years.

    Granted, this is generally true of fiat as well, we just have a lot more people and hopefully some safeguards and, vitally, an active economy holding up that value.

    • SCB@lemmy.worldEnglish
      11·
      1 year ago

      All art is inherently without value, and it’s value is entirely speculative.

      I think NFTs are dumb as fuck, but they’re worth what people will pay for them. Same shit with tulips in Denmark famously spiking - bubble or not, things are literally worth what someone will pay