Treasure Exploit returns stolen ‘Smol Brains’ NFTs to users

Following positive developments, prices of Treasure’s native MAGIC token rebounded after falling by about 40% early in the Asian trading session.

Hacker NFT

Developers verified in a statement that hackers have begun to restore stolen “Smol Brains” and other non-fungible tokens (NFTs) hours after attacking the popular Arbitrum-based marketplace Treasure on Thursday morning.

“We think we have found and resolved the issue,” developers wrote in a statement posted to the Treasures Discord group. “This was a simple problem caused by a previous patch that should have been noticed earlier.”

Users who do not get their NFTs will be compensated via a payment model agreed on and approved by community members who participate in the long-term growth of the marketplace.

“Once we have a complete list of those who have not received their stolen NFTs back, we will provide a range of remedial solutions to guarantee users are made whole.” “These choices will be discussed with the community and voted on by the DAO,” according to the message.

Treasure is the largest NFT ecosystem based on Arbitrum, a layer 2 protocol that operates on top of the Ethereum blockchain. Each Treasure marketplace project employs a native MAGIC token in its own metaverse.
MAGIC empowers individuals to influence future decisions and propel the marketplace forward. The immersive digital environment produced by combining virtual reality and augmented reality is referred to as the metaverse.
On Thursday morning, early Asian hours, hackers were able to exploit a flaw in the protocol, allowing them to create NFTs for free. At the time, Treasure requested that users remove their NFTs from the marketplace. NFTs are blockchain-based tokens that represent a digital or physical asset.

Several “Smol Brains” and “Legions” were taken in the hack, according to blockchain addresses discovered by sleuths. The Smol Brains NFTs are among the most popular on Treasure, with some estimating that the stolen collection was worth more than $1.4 million at the time of the incident.
MAGIC prices decreased by 40% in the hours following the exploit. However, according to CoinGecko statistics, prices have subsequently returned to $3.34.
Treasure made headlines for the second time in two weeks thanks to his adventure on Thursday. Treasure creator “JC” was previously involved in many short-lived NFT ventures that were abandoned soon after anticipated debuts, according to anonymous blockchain investigator ‘zackxbt’ in February.

Treasure, on the other hand, replied to the charges by claiming that JC worked on a contract basis and completed the specified task before the prior projects were abandoned by their founders.

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