Photo: Lamborghini
Non-fungible tokens, better known as NFTs, probably sound like a complete load of hogwash if you're not all that familiar with blockchain or cryptocurrency as a whole. But the NFT business is a legitimate multi-billion dollar enterprise. One that even the auto industry is dipping its toes into.
But just a month or so after the release of Lamborghini's own proprietary NFT at its own private auction, the news is breaking of confirmed NFT theft on a very large scale. This theft is adding up to millions in lost revenue for a multitude of different investors and stakeholders. Allow us to explain in further detail.
The NFT leak and subsequent theft in question took place on the NFT marketplace OpenSea. The company confirmed in late February that a large brute force attack to attain the account information and the NFT blockchain certificates there-in to effectively steal the NFT intellectual property rights right from underneath legitimate investors.
Shady and illegal dealings in the cryptocurrency space are nothing new at all. Ransomware attackers have been using software that accepts blockchain-backed cryptos like BitCoin and Ethereum's I and II since the early to mid-2010s at least. But what this latest attack proves most of all is that large companies investing millions in the creation and sale of NFTs should use caution when handling sensitive NFT file data.
Lamborghini's proprietary Space Time Memory NFT depicting a deconstructed Aventador Ultimae is anticipated to sell for hundreds of thousands at open auction. It's important to note that the company implicated in the leak of $1.7 million in NFT files was not involved in the auction for Space Time Memory. But the chances are good that if it could happen once, it can happen once again, in a place completely different than before.
It's a warning to automakers the world over who may be curious about this newfangled blockchain technology. But what are your thoughts about iconic automakers trying their hands in the NFT game? Is it a good idea? Or is it best left to techno-dorks in their East and West Coast penthouse apartments? Let us know your two cents in the comments down below; try to keep it civil.
The NFT leak and subsequent theft in question took place on the NFT marketplace OpenSea. The company confirmed in late February that a large brute force attack to attain the account information and the NFT blockchain certificates there-in to effectively steal the NFT intellectual property rights right from underneath legitimate investors.
Shady and illegal dealings in the cryptocurrency space are nothing new at all. Ransomware attackers have been using software that accepts blockchain-backed cryptos like BitCoin and Ethereum's I and II since the early to mid-2010s at least. But what this latest attack proves most of all is that large companies investing millions in the creation and sale of NFTs should use caution when handling sensitive NFT file data.
Lamborghini's proprietary Space Time Memory NFT depicting a deconstructed Aventador Ultimae is anticipated to sell for hundreds of thousands at open auction. It's important to note that the company implicated in the leak of $1.7 million in NFT files was not involved in the auction for Space Time Memory. But the chances are good that if it could happen once, it can happen once again, in a place completely different than before.
It's a warning to automakers the world over who may be curious about this newfangled blockchain technology. But what are your thoughts about iconic automakers trying their hands in the NFT game? Is it a good idea? Or is it best left to techno-dorks in their East and West Coast penthouse apartments? Let us know your two cents in the comments down below; try to keep it civil.
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