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Priyanka Jadhav
Mar 3, 2022
by Priyanka Jadhav

Arbitrum's NFT Trading Market Treasure DAO Faces Vulnerabilities

John Pattern Arbitrum Blockchain NFT Exploit Vulnerabilities TreasureDAO
On the evening of March 2, 2022, John Pattern, the Co-founder of the largest marketplace for NFTs on the Arbitrum blockchain, TreasureDAO confirmed about being hit by an exploit. Today, Wu Blockchain took to Twitter to share the news. It also mentions of the listed NFTs at zero fees can easily be purchased by hackers. 

Earlier, TreasureDAO mentioned pausing their marketplace. This included the flagship product of Treasure, Bridgeworld to ensure that the safety of Legion is not at stake. Additionally, the representative of TreasureDAO warned users to 'delist everything' and later added that they have identified the vulnerabilities as well. 

Assuring the users, Treasure further continued, 

"Do not worry, if you are impacted we will find a solution to make you whole. Now is the time for the community to stay strong."

Although the full extent of the exploit seems unclear, however, a blockchain address associated with the hacker provides some indication. The address shows that the most popular NFTs of Arbitrum, 17 Smol Brains were stolen. The total value of the theft is 426,511.38 in MAGIC ($1.4 million). 

The news resulted in a sharp drop in the prices of MAGIC, which plummeted prices from $3.8 to $2.6. The current trading value is $3.3. At present, TreasureDAO has been working towards solving the vulnerability. Treasure is beneficial for an expanding network of metaverse by adopting a modular approach to convergence NFTs, DeFi, and Gaming. 

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Hacking DeFi fraud NFT gaming Arbitrum TreasureDAO Bridgeworld MAGIC John Pattern
Arbitrum's NFT Trading Market Treasure DAO Faces Vulnerabilities
Priyanka Jadhav
Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.

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