OpenSea Froze $2.2 Mln In Stolen NFT Assets From Todd Kramer.

OpenSea Froze $2.2 Mln In Stolen NFT Assets From Todd Kramer.

2022-01-01 | Big Bob

OpenSea Froze $2.2 Mln In Stolen NFT Assets From Todd Kramer.

Todd Kramer, the proprietor of an art gallery, had his precious NFT collection stolen from his hot wallet yesterday, therefore OpenSea froze the $2.2 million in stolen assets.

OpenSea, a nonfungible tokens (NFT) marketplace, has frozen 16 Bored Ape and Mutant Ape nonfungible tokens (NFT) after they were allegedly taken from a New York art gallery operator yesterday.

Clonex, Mutant Ape Yacht Club, and Bored Ape Yacht Club NFTs totaled 615 ETH ($2.28 million) and are no longer accessible for trade on OpenSea.

The toddkramer.eth account, which is linked to the Ross+Kramer Art Gallery in New York, sent out a series of tweets revealing the 16 NFTs taken from his hot wallet and begging for assistance from OpenSea and the NFT community. While the NFT community was generally unsupportive of the trader, OpenSea halted trading on the stolen products.

Some traders are criticizing the absence of decentralization, one of the most prized elements of the crypto business, as a result of the freeze on purchasing and selling NFTs. "Who was able to freeze then?" said kw. sol on Twitter. Asking third parties to do this feels anti-crypto, and they shouldn't be able to do it in the first place."

Grady Booch, a well-known software developer, joined in on the absence of decentralization in this situation, saying, "Silly me. And here I was thinking that the code is the law and that one of the founding principles of cryptocurrencies was to exclude any potential of centralized involvement.

A hot wallet is a sort of cryptocurrency software wallet that is always connected to the internet — most frequently MetaMask — regardless of whether the device it is installed on is connected to the internet.

Kramer said that a phishing scheme acquired access to his hot wallet when he clicked on a malicious link and that he lost his collection as a result. Following the intense hostility in the comments, he removed the tweet.

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