The Binance security team has successfully recovered some of the digital assets that crypto influencer NFT God lost earlier this year due to a hack.
NFT God shared on a recent tweet that Binance’s security team managed to return some of the $150,000 worth of digital assets he lost when he was targeted by Russian hackers.
“About 9 months ago, I was a victim of a cyber attack by a Russian group that cost me $150,000 in digital assets,” he explained. “Thanks to Binance’s security team, I’ve now recovered some of those assets.”
The influencer detailed that Binance pursued the hackers for several months, gradually reclaiming the stolen assets as the culprits transferred them.
He expressed deep gratitude, saying, “This whole experience is overwhelming, to say the least.”
In reply to the tweet, Binance CEO Changpeng Zhao simply stated, “Doing our little bit.”
Earlier in January, NFT God, who also goes by the name Alex, experienced a significant breach. He lost all his NFTs and was locked out of his social media platforms.
The unfortunate event took place when Alex unknowingly clicked on a misleading Google Ads link that promoted a video streaming software. To his horror, this link was laced with malware.
This rogue software granted hackers unauthorized access to his digital world. Alex’s realization of the breach came when he noticed unfamiliar phishing tweets being sent from his profiles.
According to on-chain records, the hackers made away with 19 ETH and a Mutant Ape Yacht Club (MAYC) NFT valued at 16 ETH, among other digital assets.
The culprits channeled and exchanged the stolen assets for undisclosed tokens via Fixed Float, a decentralized trading platform.
But the ordeal didn’t end there for Alex. Only a day after realizing his wallet was empty, he found out his Substack had been compromised as well. To add insult to injury, the malefactors exploited this access to send phishing emails to his expansive subscriber base, which numbered 16,000.
“Every platform where I connect with my community, loved ones, and acquaintances was jeopardized in the span of 24 hours,” Alex expressed distressingly. “From my Twitter, Substack, and Gmail to my Discord and wallets – all were intruded upon and dominated by these malicious entities.”
NFT Market Slump Hits Artists Hard
The NFT market has recently faced a period of significant turbulence, characterized by historically low trading volumes and a sharp decline in the minimum prices at which NFTs are sold.
According to a report from Alchemy, NFT trading volume experienced a substantial drop of 29% in July, dwindling to $632 million. Concurrently, token sales witnessed a decline of 23%, amounting to $3.7 million during the same period.
Adding to the challenges faced by the burgeoning NFT market, tensions between NFT traders and creators of digital collectibles have escalated. Much of this discord stems from ongoing controversies surrounding royalty payments and compensation for creators.
Tensions have been exacerbated by the recent decisions of major NFT marketplaces, such as Blur and OpenSea, to reduce the royalty rates granted to artists during a change in token ownership.
The rationale behind this decision is rooted in the belief that by reducing costs, it will encourage more active trading in a market that has experienced a staggering 95% decrease in trading volumes — plummeting from $17 billion in January 2022 to much less significant figures.
In terms of royalties, there was a peak achievement of $269 million in January. But, by July, these numbers had reduced dramatically to a mere $4.3 million. This is largely due to the rates decreasing significantly, going from as high as 5% per sale down to a paltry 0.6%.
