NFT platform LiveArtX says its wallet was hacked

The value of NFT from Seven Treasures series, released on this project, fell by 83% overnight

NFT platform LiveArtX says its wallet was hacked

NFT-marketplace LiveArtX reported on Twitter about the hacking of its wallet. According to the project team, they are doing everything possible to solve the problem. Details of the incident have not yet been reported.

LiveArtX is a digital art blockchain project launched in January of this year. The platform collaborates with auction houses, artists and other artists. The project has raised more than $4.5 million in funding from companies such as Animoca brands, Kucoin and BNB Chain, according to WuBlockchain.

Amid the news of the wallet hack, the minimum price of LiveArtX’s Seven Treasures collection tokens fell 83% in 24 hours to 0.2 ETH, according to analytics platform NFTGo. The capitalization of the project collapsed by 53% in 24 hours, while the trading volume of these tokens increased by 612%, indicating their mass sales.

According to a study by blockchain analysts Elliptic, between July 2021 and July 2022, more than $100 million worth of NFT thefts were reported, bringing criminals an average of $300,000 per attack. The most tokens (4,647) were stolen in July 2022.

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