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NFT OMNI platform exposed to abuse with loss of $1.4 million in Ethereum

NFT OMNI platform exposed to abuse with loss of $1.4 million in Ethereum

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Answer NFT OMNI platform exposed to abuse with loss of $1.4 million in Ethereum

The OMNI platform is one of the most recent crypto projects to have fallen victim to the exploit resulting in a loss of approximately 1,300 Ethereum, worth $1.4 million at the time of exploitation.

In order to carry out the attack, the perpetrator first deposited NFT tokens as collateral for a wETH (encapsulated ethereum) loan.

Once the loan was secured, the scalper was able to withdraw all but one of the NFTs, causing a callback function that nullifies the debt earned through the purchase.

Once these two steps are completed, the remaining NFT tokens on the platform are no longer sufficient to cover the debt incurred.

Read:Project Enjin raises $18.9 million to launch the first dedicated NFT blockchain on Polkadot

Then the center was liquidated by the regime.

Is there a possibility to return the stolen money?

In the wake of recent attacks on DeFi protocols, hacked developers often offer open appeals to those behind the hack, who are often white hat hackers, often returning the stolen funds with rewards.

Whereas in the case of OMNI, there was never a chance to appeal, as the hacker immediately sent what he had recently stolen to the “Tornado” mixing platform, a platform that provides mixing services that hide the source of the funds.

Usually this platform is used to help cybercriminals trying to launder their illicit earnings.

OMNI protocol comment:

The OMNI protocol – which is still in beta stage – has been shut down by the responsible developers.

In addition, OMNI developers confirmed that client funds were not affected by the exploitation, noting that the embezzled funds were internal test funds.

Unfortunately for developers and fans of the project, it appears that OMNI will have to remain in beta for longer than previously planned.

Read:Reddit co-founder: I have a lot of Ethereum

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Unfortunately for developers and fans of the project, it appears that OMNI will have to remain in beta for longer than previously planned.


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