• slazer2au@lemmy.worldEnglish
    54·
    4 days ago

    I would question how an Instagram account causes nft to be stolen… But we are on meme so let’s leave it at that.

    • andros_rex@lemmy.world
      4·
      3 days ago

      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.

      • slazer2au@lemmy.worldEnglish
        3·
        3 days ago

        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.

  • aubertlone@lemmy.world
    17·
    3 days ago

    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.

    • Katana314@lemmy.worldEnglish
      5·
      3 days ago

      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.

    • Evotech@lemmy.world
      5·
      3 days ago

      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

  • Buddahriffic@lemmy.world
    14·
    3 days ago

    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.

  • brucethemoose@lemmy.world
    4·
    3 days ago

    My interpretation of the NFT/Crypto Future argument is “They’re perfect! It’s just that humans have to stop behaving like humans!”