CryptoPunk Heist: $1M NFT Snagged For $18,000 In Smart Contract Exploit
Portfolio Pulse from Murtuza Merchant
A CryptoPunk NFT, valued at over $800,000, was acquired for just $18,000 due to a smart contract exploit on the defunct Niftex platform. The buyer used a buyout clause in the contract to purchase the NFT at a fraction of its value.
September 12, 2024 | 12:34 pm
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NEUTRAL IMPACT
The exploit of a smart contract on the Niftex platform allowed a CryptoPunk NFT to be acquired for a fraction of its value, highlighting potential vulnerabilities in Ethereum-based smart contracts.
The incident underscores potential vulnerabilities in Ethereum smart contracts, which could impact investor confidence in Ethereum's security. However, the direct impact on ETH's price is neutral as the exploit is specific to a defunct platform.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70