NFT Trader, a renowned peer-to-peer non-fungible token trading platform, has recently been the target of a series of exploits, resulting in substantial multi-million dollar losses for its users. The attack, which took place on December 16, saw bad actors abscond with an estimated $3 million worth of tokens, including highly sought-after assets such as Mutant Ape Yacht Club, Bored Ape, VeeFriends, and World of Women NFTs.

Following the incident, NFT Trader promptly acknowledged the attack through a public announcement, urging users to revoke access to certain old smart contracts that were compromised. An X user, going by the alias foobar, reported that the attacks have been ceased after NFT Trader swiftly enacted a smart contract update to eliminate a reentrancy vulnerability on its platform.

In a dramatic turn of events, one of the hackers involved in the attack has come forward with an unexpected proposition. The individual claims that the initial exploiter of the vulnerability was someone else and offered to return the stolen NFTs to users in exchange for a 10% bounty paid in Ether (ETH). Notably, the hacker admitted to having limited technical skills and revealed that the full extent of the value of NFTs had only recently become apparent.

In a further twist, a victim of the NFT Trader exploit has alleged that the same hacker has already returned a portion of the plunder, including 31 ETH and a rare NFT, while retaining the Apecoin rewards.

Amidst these concerning events, there is encouraging news for the crypto community. Recent data from TRM labs indicates that the total volume of crypto hacks has decreased by over 50% compared to the previous year. This decline, from $4 billion in 2022 to $1.7 billion in 2023, is attributed to a combination of heightened security measures, increased law enforcement initiatives, and improved industry collaboration.

Despite the challenges faced by NFT Trader and the broader crypto market, the industry’s resilience is exemplified by its continued valuation at $1.541 trillion, following a 3.21% loss for the week ending the time of this writing.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.