Wallet security team launches real-time NFT theft tracking tool for OpenSea
A wallet security team responsible for safeguarding wallets has launched an advanced real-time dashboard that empowers community members to swiftly detect, monitor and track any suspected NFT hacks in the OpenSea marketplace.
ZenGo creates NFT hack detection dashboard
A security team behind the popular crypto wallet ZenGo has developed a straightforward method for detecting NFT hacks. The tool leverages offline signatures to provide unparalleled security for users’ valuable assets.
The technique involves monitoring the actual trades of NFTs on the marketplace and comparing them to the floor price of the NFT collection. If the ratio between the two values appears unusually low, it is flagged as a possible hack. This innovative approach is expected to help identify and prevent NFT-related fraud, a growing concern within the crypto industry.
As of the time of writing, ZenGo’s dashboard has detected almost $25 million worth of NFTs hacked through offline signatures. The security team’s innovative approach to NFT security is vital in protecting NFT holders from the growing threat of cybercrime in the crypto industry.
Advanced NFT cybersecurity
When asked about potential solutions for the problem of NFT hacks using offline signatures, the ZenGo wallet chief technology officer Tal Be’ery explained that, currently, there is no good solution available. Although users can use some proprietary browser extensions to gain visibility into some offline signatures, these extensions do not cover all offline signatures. They must be updated whenever a new form of offline signature is added.
In addition to developing a method for detecting NFT hacks, the ZenGo team has collaborated with key players in the crypto industry to address the issue of NFT hacks using offline signatures. They have begun working with the Ethereum Foundation, various decentralized applications, and other wallets to support a draft Ethereum Improvement Proposal (EIP) that, if implemented, could solve this problem. This collaborative effort is an encouraging sign that the industry is taking proactive steps to address the challenges of NFT security and ensure the protection of NFT holders.