Key Takeaways:
- The exploited contract has been paused, while over $100,000 in tokens stolen.
- Quixotic says all stolen ERC-20 tokens will be refunded.
- Optimism token price plummeted 3% following exploit.
LAGOS (CoinChapter.com) — Quixotic, the largest non-fungible token (NFT) marketplace on Optimism, is the latest blockchain platform to suffer at the hands of hackers, resulting in the loss of ERC-20 tokens.
In detail, the NFT marketplace on Ethereum’s layer-2 scaling solution through its official Twitter account confirmed the exploit. The hacker who reportedly breached the NFT marketplace following a contract update carted away tokens worth about $100,000.
Apetimism, a community-driven NFT project, initially observed the breach in Quixotic’s marketplace. It noted that the attacker targeted Quixotic’s offer feature and drained it of nearly $100,000 worth of ERC-20 tokens.
Apetimism indicated that the attacker deployed a contract to bypass logic on Quixotic’s smart contract offer feature. This invariably allowed the hacker to steal all the funds used in any offer on Quixotic in any token.
“We are not 100% sure yet but from what we see, there is a high chance and it is worth giving people an awareness asap. The attack is to transfer the fund used in the offering to attacker’s wallet but you will not get any NFT back in return. […] Hence we suggest everyone to cancel all the offers you made immediately to avoid the loss.”
Apetimism warned.
Additionally, contrary to Apetimism suggestion that $100,000 was stolen, an analysis of the hacker’s wallet revealed several large outflows greater than $100,000 was carried out. Notably, the most significant single outgoing transaction was for 110,756 USDC. The next most substantial transaction out was for 170,882 Optimism token (OP) about at $90,500 at the time of publication.
We Will Refund All Stolen ERC-20 Tokens, Says Quixotic
Meanwhile, Quixotic while confirming the exploit disclosed that it would be halting all activities and transactions on the NFT marketplace. This move according to the blockchain platform will allow its team investigate what led to the breach. Quixotic said:
“No further action is required. The exploited contract has been permanently paused, and refunds will be sent out automatically over the coming days.”
Moreover, Quixotic in a statement has promised to fully refund every clients affected by the hack for their losses. Also, the blockchain platform noted that assets listed on the NFT marketplace are safe and unharmed by the attack.
Optimism Price Plummeted Following Hack
Furthermore, Optimism native token (OP) slumped significantly following news of the exploit. According to data from Trading View, the asset dropped by almost 3% in the last 24 hours to trade at $0.531156.
At the time of publication, OP has a market cap of $114 million and a 24-hour trading volume of $42.8 million. The NFT marketplace token also has a circulating supply of 210 million OP coins and a total supply of 4.29 billion.
Additionally, data from DappRadar indicates that Quixotic has attracted over 9,000 users in the past month who have completed more than 22,000 transactions. The largest NFT marketplace on Optimism also recorded about $405,000 trading volume for that same period.
