I would question how an Instagram account causes nft to be stolen… But we are on meme so let’s leave it at that.
They compromised the official Instagram account then phished its followers for their NFTs.
The attacker seized control of the BAYC Instagram account and sent a phishing post that many followers were fooled into clicking on, connecting their crypto wallets to the hacker’s “smart contract” – a mechanism for implementing a crypto transaction. That enabled the attacker to steal the assets held in the wallets, seizing control of four Bored Apes, as well as a host of other NFTs with an estimated total value of $3m.
well in that case it’s fine. the blockchain is tamper-proof after all, so it must have been legitimate transfers.
Of course, because if it’s a legitimate theft, the block chain has ways to try to shut that whole thing down.
🤌
Ah, fair enough.
so nothing changed about the fungibility at all
I mean if you want steal it makes sense to target idiots
One of the funniest ways that these people get hacked is that you can give someone an NFT. Like it’ll show up in the wallet, no way to get rid of it. So you make a fake BoredApe or whatever other stupid JPEG, with a “smart contract” that essentially boils down to “steal everything” if the person ever interacts with it. Iirc some of the bigger name people have a bunch of these fake, toxic NFTs that they can’t interact with in any way, just hanging out in their wallet.
I remember reading that because of KYC you can effectively lock people out of their crypto wallets by having your own wallet associated with something illegal and sending that person some money.
Now because the person receiving the funds doesn’t know who you are, they can’t prove the person sending them money is legit and therefore can’t unlock their accounts.
I’m not convinced the author of this meme knows what “fungible” means
Of course it means that you can funge them.
Probably, but the way it’s written does add to the funnys
Mushrooms. Is it mushrooms?
Duh, not non-fungible of course!
I just remember looking into NFTS when they were gaining hype. There are a few real world use cases for them.
However ultimately the NFT ended up leading back to a URL of the picture. I may be oversimplifying it a little bit but that’s basically how it worked.
So the web hoster could just revoke the URL or set it to something else. So you don’t really own anything. I will have to look at the specifics of this “hack”. But this was always gonna be an issue.
It didn’t have to a URL to an image. It could have been a serial number showing ownership of a thing, etc.
But block chain isn’t really necessary for a registry, and in the end the money was in scamming people by selling them urls to images.
You can make images small enough to be hosted within the blockchain and there’s a fair amount of nfts like that. But that’s limited to pixel art stuff
I feel like, with some work, NFTs could be used for decentralized ownership of digital content licenses? But, I sincerely doubt any such companies would care to set that up.
While I know most people would just prefer everything go DRM-free, I’ll admit I became interested in the practice when I learned town libraries can stock AAA console video games, but would have a hard time stocking indie/AA games that have only had digital releases - even if the game’s creator is a hipster that loves libraries, the only simple approach there is to give away infinite free copies of the game.
millions worth of NFTs
So like a dollar
This isn’t remotely what fungible means…
Yeah, well, we can’t all be expert mycologists.
You’re thinking of fungal. Fungible is when something shatters easily, like fungible ammunition.
You’re thinking of fragile.
Fungible is a brand of prepacked lunches, typically containing crackers, bologna, and cheese.
No you’re thinking of luchables, fungible is when you catch a Gible and he’s loads of fun. Keep looking in the grassy areas.
You’re thinking of fragile. Fungible is when something is interchangeable or replaceable by something else.
/End thread
Well frangible. But fragile also works!
That’s because fragile and frangible both come from frangere, meaning to break.
Spoilsport
I bet the theft is actually about insurance fraud, since that’s probably the only way to get anyone to pay that amount for them.
“You maniacs! You funged it up! Ah, funge you! God funge you all to hell!”
How in the world does the insta page cause them to lose the tokens?
Probably using the same password.
I love both the Simpsons and mocking NFTs, however that’s not what fungible means
This guy funges
Oof ouch right in the token
My interpretation of the NFT/Crypto Future argument is “They’re perfect! It’s just that humans have to stop behaving like humans!”
It’s petty funny to see them rediscover why we have all these financial regulations
Like any new techonology… It’s cool for 10 minutes until capitalism weaponizes it against humanity.
Pretty funny story, but it is 3 years old at this point.
“Help me, Dr. Zaius!”
Oh wow, that’s still a thing?
No, this is from three years ago.
The stolen NFTs are now probably worth 35c.
