Flooring Protocol, a liquidity platform for non-fungible tokens (NFTs), fell victim to a cyberattack on December 16, resulting in the theft of NFTs valued at $1.5 to $1.6 million.
Key Takeaways
- On December 16, Flooring Protocol experienced a cyberattack, resulting in the theft of NFTs valued at $1.5 to $1.6 million.
- Developers promptly addressed the vulnerability by deploying a fix, assuring users that the main smart contract and stored digital assets were secure.
- The hacker reportedly sold the stolen NFTs on the platform Blur, generating significant profits.
- The Flooring Protocol incident follows a breach at NFT Trader, where blue-chip NFTs were stolen, highlighting wider security challenges in the NFT space.
Cyberattack and Stolen NFTs
On December 16, Flooring Protocol, a liquidity platform specializing in non-fungible tokens (NFTs), encountered a cyberattack resulting in the theft of NFTs with an estimated value between $1.5 to $1.6 million.
The attack targeted Flooring Protocol’s peripheral or multicall smart contract, leading to the subsequent sale of the stolen NFTs on the platform Blur.
Developers of Flooring Protocol swiftly responded to the attack by deploying a fix to patch the vulnerability. They reassured users that the main smart contract remained secure, and digital assets stored in vaults and safeboxes were unaffected by the breach.
Market Response and Flooring Protocol’s Performance
Following the cyberattack, Boring Security, a security protocol funded by ApeCoin DAO, suggested that users who lost NFTs in the attack might not recover them, given that the hacker had already liquidated the assets. Despite the setback, Flooring Protocol’s native token, FLC, demonstrated resilience in the market.
CRYPTO BREAKING NEWS
Flooring Protocol allegedly hacked for NFTs worth $1.5m. Three dozen Pudgy Penguins and 15 Bored Ape NFTs worth 690 Ether (ETH) or approximately $1.54 million were reportedly stolen. check us out @ https://t.co/8dh137aX4R pic.twitter.com/WoLA0NTGgq— InnovatekMobile (@Neome_com) December 17, 2023
FLC prices surged by 12% in the last 24 hours, with a one-day trading volume of $3.34 million. The token’s performance over the last 30 and 14 days also showed positive trends, recording upticks of 52% and 8.3%, respectively. However, FLC experienced a 22.2% loss in the previous seven days, underscoring the volatile nature of the cryptocurrency market.
To Conclude
The attack targeted the protocol’s peripheral smart contract, prompting swift action from developers who deployed a fix. Despite assurances that the main smart contract and digital assets were secure, reports surfaced that the stolen NFTs were sold on Blur.
This incident follows a breach at the P2P NFT platform NFT Trader, where blue-chip NFTs were stolen.
