Scam Alert

Moonbirds Creator Kevin Rose Lost $1 Million In NFTs

Key Points:

Kevin Rose, the creator of the NFT project Moonbirds, lost at least $1 million in NFTs as a result of a wallet vulnerability.
Rose’s wallet’s OpenSea transaction history reveals that various NFTs, including Cool Cats, Squiggles, and OnChainMonkeys, were taken.

A phishing attack caused Kevin Rose, the co-founder of the nonfungible token (NFT) collection Moonbirds, to lose personal NFTs valued at more than $1.1 million.

At 1:49 p.m. EST, CirrusNFT, a Twitter user, first spotted the outflow. At 2:02 p.m., Rose personally acknowledged the breach on Twitter. The NFT developer and co-founder of PROOF (the company behind Moonbirds) tweeted the information and urged people not to purchase any Squiggles NFTs until they could report them as stolen.

Rose’s wallet’s OpenSea transaction history reveals that various NFTs, including Cool Cats, Squiggles, and OnChainMonkeys, were taken.

Rose’s NFTs appear to have been stolen by the hacker’s address. It is believed that Rose signed a fraudulent signature that gave the exploiter access to a substantial percentage of his NFT assets, causing his NFTs to be drained.

The exploiter took at least one Autoglyph, which has a floor price of 345 ETH, 25 Art Blocks, commonly known as Chromie Squiggle, valued at least a total of 332.5 ETH, and nine OnChainMonkey products, each worth at least 7.2 ETH, according to an independent study by Arkham. Rose preserved a few NFTs by storing them in a different vault.

Arran Schlosberg, the vice president of PROOF, claimed that Rose was phished into signing a malicious signature, which let the exploiter move over a significant amount of tokens, despite the fact that numerous independent on-chain evaluations had been shared:

On January 25, cryptocurrency analyst foobar provided further details on the technical aspect of the hack, saying that Rose gave his approval for a contract with the OpenSea marketplace that would relocate all of his NFTs whenever Rose completed transactions.

The exploiter transmitted the funds to FixedFloat, a cryptocurrency exchange on the Bitcoin layer 2 “Lightning Network,” according to a transaction map released by on-chain researcher ZachXBT.

The exploiter then converted the stolen fund into Bitcoin and put it in a mixer:

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.