Jun 2024 - nftperp Clearing House Critical Bug - $694k (Global)
"Long or short NFTs. nftperp is a perpetual futures dex for NFTs."
"What is nftperp?
Think you can predict the floor prices for CryptoPunks, Bored Ape Yacht Club, Doodles, and other blue-chip NFT projects?
NFTs have become a huge part of web3. Whether you’re in it for the tech, the art, or just to be part of the amazing communities, NFTs are here to stay.
However, with nftperp, you can now speculate on the floor prices of NFT projects including Bored Ape Yacht Club, CryptoPunks and more.
Are these projects “WAGMI” or “NGMI”?
Put your trading cap on and find out!"
200+ ETH x $3,469.28 = 693856
"On June 14, NFT perpetual contract trading platform nftperp announced on Twitter that a critical bug had been found in the clearingHouse contract. All vulnerable contracts have been suspended until further notice. On June 15, nftperp stated that all funds lost due to the vulnerability had been successfully recovered. The developers are currently prioritizing the resumption of the contracts so trading and withdrawal can go live."
"We've identified a critical bug in one of our contracts (clearingHouse) - all vulnerable contracts have been paused until further notice. Our team is actively assessing the situation and will provide updates shortly."
"@nftperp was compromised yesterday for 200+ ETH and has successfully retrieved ALL the funds.
Funds were also returned on Munchables and @BloomOnBlast by the person who did the exploit.
Anecdotally it really like a new paradigm where more and more exploits are being returned. Have things changed, @zachxbt?
Either way, I am happy to see it."
"According to Odaily, NFT perpetual contract trading platform, Nftperp, has announced the recovery of all funds lost due to a previously discovered vulnerability. The developers are currently prioritizing the restoration of contracts to ensure normal trading and withdrawal operations.
Due to some differences between the marked prices and index prices, the team is seeking a safe method to resume trading and is about to release a detailed account of the events that occurred in the past 20 hours."
All funds.
Further Analysis
nftperp is a perpetual futures decentralized exchange (dex) for NFTs, allowing users to speculate on floor prices of popular projects like Bored Ape Yacht Club and CryptoPunks. Recently, the platform identified a critical bug in its clearingHouse contract, prompting the suspension of vulnerable contracts. However, all lost funds were recovered, and efforts are underway to resume trading and withdrawals.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
AutoChain Global Contract Hacked > > < < Holograph Rogue Developer Infinite Minting
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
@spreekaway Twitter (Dec 31)
https://www.binance.com/en/square/post/2024-06-15-nft-perpetual-contract-trading-platform-nftperp-recovers-lost-funds-due-to-vulnerability-9490450326769 (Dec 31)
nftperp recovered the funds lost due to the previous vulnerability and is restoring trading and withdrawal services (Dec 31)
@nftperp Twitter (Dec 31)
Ethereum Price History and Historical Data (Dec 31)
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