OpenSea freezes $2.2M of stolen Bored Apes

The NFT OpenSea Marketplace has frozen 16 Bored Ape and Mutant Ape non-fungible (NFT) tokens after they were allegedly stolen yesterday from an art gallery operator in New York City.

In total, one Clonex, seven Mutant Ape Yacht Club and eight Bored Ape Yacht Club NFT currently valued at around 615 ETH ($ 2.28 million) have been stolen and can no longer be traded on OpenSea.

The toddkramer.eth account, which links to New York’s Ross + Kramer Art Gallery, sparked a series of tweets to give detail the 16 NFTs that were stolen from her hot wallet and pleading with OpenSea and the NFT community for help. While the NFT community was often oblivious to the plight of the trader, OpenSea froze the trade in stolen items.

The freeze on the buying and selling of NFTs has led some traders to denounce a lack of decentralization, one of the most beloved aspects of the crypto industry. A kw.sol Twitter commenter noted, “Who was able to freeze the n? It’s rather anti-crypto to ask third parties to do this and ideally they shouldn’t be able to.

Famous software engineer Grady Booch pointed out the lack of decentralization in this case when he commented:

“How stupid I am. And there I thought that the code is the law and that one of the very ideas of cryptocurrencies was the elimination of any possibility of centralized intervention.

A hot wallet is a type of cryptocurrency software wallet that is connected to the Internet – most commonly MetaMask – whenever the device it’s installed on is logged in.

Kramer tweeted that he lost his collection due to a phishing scam that gained access to his hot wallet after clicking on a malicious link. He deleted the tweet following the harsh vitriol in the comments. Kramer more recently tweeted on December 31 that he was surprised by the reaction:

While Kramer has little recourse to recover stolen NFTs, his experience highlights the importance of strong operational security (opsec) as a cryptocurrency trader or NFT collector. He said he learned a lesson about opsec in managing valuable cryptocurrencies when he tweeted yesterday:

“Lessons learned. Use a rigid portfolio …”

A hard wallet, also known as a cold wallet, is a crypto wallet that does not connect to the internet until it is manually connected to a computer, and then each transaction must be approved using buttons. physical. Rigid wallets are a superior measure to hot wallets for securing crypto assets.

The Kramer test is not a unique experience for NFT traders, especially those familiar with the Bored Ape Yacht Club collection.

On December 26, the NFT collector bergpay.eth noted he suffered the same fate as Kramer when 5 Jungle Freaks and 2 NFT Sandboxes were stolen from his Ethereum wallet and his ENS domain was moved to a new address.

On November 30, the friesframe Twitter account summarized the frustration who can defeat an NFT owner if he finds out that his favorite items have been stolen from his hot wallet.

OpenSea has not yet frozen bergpay or friesframe NFTs.

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