Monday, 15 April 2024

Crypto News

Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after 1 wrong move

Moonbirds creator Kevin Rose loses $1.1M+ in NFTs after 1 wrong move

Kevin Rose, the co-founder of the nonfungible token (NFT) collection Moonbirds, has fallen victim to a phishing scam leading to more than $1.1 million worth of his personal NFTs stolen.

The NFT creator and PROOF co-founder shared the news with his 1.6 million Twitter followers on Jan. 25 asking them to avoid buying any Squiggles NFTs until they manage to get them flagged as stolen.

“Thank you for all the kind, supportive words. Full debrief coming,” he then shared in a separate tweet about two hours later.

It is understood that Rose’s NFTs were drained after signing a malicious signature that transferred a significant proportion of his NFT assets to the exploiter.

An independent analysis from Arkham found that the exploiter extracted at least one Autoglyph (345 ETH), 25 Art Blocks — also known as Chromie Squiggle — (332.5 ETH) and nine OnChainMonkey items (7.2 ETH).

In total, at least 684.7 ETH ($1.1 million) was extracted.

How Kevin Rose got exploited

While several independent on-chain analyses have been shared, Vice President of PROOF — the company behind Moonbirds — Arran Schlosberg explained to his 9,500 Twitter followers that Rose “was phished into signing a malicious signature” which allowed the exploiter to transfer over a large number of tokens:

Crypto analyst “foobar” further elaborated on the “technical aspect of the hack” in a separate post on Jan. 25, explaining that Rose approved a OpenSea marketplace contract to move all of his NFTs whenever Rose signed transactions.

He added that Rose was always “one malicious signature” away from an exploit:

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