LiveArt Will Buy Back and Compensate Users Who Purchased NFT from Hacked Addresses

Oct 17,2022
KingData News: The treasury wallet of the Meta-morphic: Seven Treasures series published by NFT platform LiveArtX has been stolen. According to the official announcement, LiveArt said it would take full responsibility for the theft of the treasury. According to the official investigation, the hacker gained access to the Treasury wallet at 4:24:11 p.m. UTC on Oct. 16, and 197 NFTs were transferred to the hacker's address 0x5f7848EC0286304DC5FE6497AF4B3C0FeaD6A920 24 seconds later, after which the transaction was pending. At present, LiveArt has upgraded the contract, the token ID of the stolen NFT is frozen and the related NFT can no longer be traded. The team will buy back and compensate users who have purchased NFTs from the hacker's address and destroy the stolen NFTs. The LiveArt team is currently proposing two possible solutions that will initiate discussions within the community. One is to migrate Meta-morphic: Seven Treasures to a new contract and airdrop it to users as it was distributed before the theft; the second is to continue using the existing NFT contract, where the LiveArt team would buy Meta-morphic blind boxes from the market and rebuild the treasury.
This metrics provides a follow-up of hack incidents such as the exploitation of the Harmony-eco cross-chain bridge Horizon and the NFT lending protocol XCarnival.
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