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.
Another interpretation is that it’s all an insurance scam were something worthless is “stolen by hackers” and then claimed to be worth millions for the insurance claim.
But surely nobody in the “well known as impeccably honest” NFT world would ever do something like that!
One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it’s not. It’s maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke “had a street value of 20,000 - 25,000.”
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Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
Another interpretation is that it’s all an insurance scam were something worthless is “stolen by hackers” and then claimed to be worth millions for the insurance claim.
But surely nobody in the “well known as impeccably honest” NFT world would ever do something like that!
I never had a jpeg stolen from me.
What a time to be alive.
You better quit yapping before I steal more of your bytes pal, it’ll be the biggest regret of your life
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One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
Lol “worth”… that word is absolutely meaningless. This chewed gum I have is “worth” $2.7 billion dollars!!!
There were sufficiently stupid people to pay money for NFTs. They will sufficiently stupid people around to pay the ransom.
“Potential losses”. I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.
No one is gonna buy any NFTs for millions lmao
People buy them for millions or their value would not be in the millions
No
That is literally what the concept of value is.
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Sounds like a great way to make an insurance claim on a bunch of NFTs worth “millions” that you could not convince anyone to buy.
I’d say more likely to be able to declare a capital loss on taxes.
Yeah the contract is how a few exchanges got stolen from in recent years
Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it’s not. It’s maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke “had a street value of 20,000 - 25,000.”
I’m just here for the Fark style headline. Well played!