NFTs Hack By Monsieur Personne: Can They Be Copied?

The exploit

Stakes rise high in the NFT game, as ownership of artworks swaps hands in exchange for millions of dollars. It seems, though, that blinded by all the hype, most of the artists and buyers are not asking the right questions. For example, “How secure is this technology?”

Then a person comes forward. He tries to warn a few companies about the weak spots of NFTs, but no one listens. “Okay,” says Monsieur Personne and uses the tactics of the best writers: “Don’t tell, show.” So what is the best way to make a statement here? Apparently, by creating a scandal around the most expensive NFT sold so far.

To forge the token for Beeple’s The First 5000 Days, the hero of our story had to do some coding. First, Personne created an Ethereum smart contract that let him mint a new token with the same ID as the original. Then, he faked transaction history using a “seizure” feature of his smart contract: i.e., dropped the fake token into Beeple’s account and momentarily took it out.

The result of the hack

Both tricks can be seen through by an expert, but does an average NFT buyer have enough knowledge not to be fooled by them? Most likely, no. According to Personne, that was the main point of the hack: to prove that the technology could use further development. That NFT buyers are at risk. Before non-fungible tokens reach their full potential, there’s much work to be done around improving the code, refining security, and increasing the quality of smart contracts.

And he certainly made his point.

What about you? Would you invest in buying an NFT?

Leave a Reply

Your email address will not be published.

Related Articles
Read More

XRP Vs XLM – What Does Stellar Do Better?

Each of them has made major strides in their respective objectives to become adopted for global remittances. However, Ripple remains ahead of Stellar in respect to their respective native cryptocurrencies. XRP ranks as the sixth-largest cryptocurrency in terms of market capitalization. On the other hand,...
Read More

How Blockchain Is Helping To Manage The COVID-19 Pandemic.

Even though the pandemic has had many adverse effects, it has been a positive tech-opener. Many people are now inclined to technology to solve the issues brought about by the pandemic. Blockchain is one of the leading technologies that is managing the pandemic. Blockchain technology...
Read More

Going Easy On Earth: The Most Sustainable Blockchain

As awesome as crypto is, there’s that massive non-eco-friendly elephant in the room: The energy. With the wealthy and the wise diving into the cryptocurrency game every day, what does this mean for energy? Or perhaps the better question is, what solution exists to keep...