I bet the theft is actually about insurance fraud, since that's probably the only way to get anyone to pay that amount for them.
this post was submitted on 19 May 2025
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I just remember looking into NFTS when they were gaining hype. There are a few real world use cases for them.
However ultimately the NFT ended up leading back to a URL of the picture. I may be oversimplifying it a little bit but that's basically how it worked.
So the web hoster could just revoke the URL or set it to something else. So you don't really own anything. I will have to look at the specifics of this "hack". But this was always gonna be an issue.
It didn't have to a URL to an image. It could have been a serial number showing ownership of a thing, etc.
But block chain isn't really necessary for a registey, and in the end the money was is scamming people by selling them urls to images.
You can make images small enough to be hosted within the blockchain and there’s a fair amount of nfts like that. But that’s limited to pixel art stuff
I feel like, with some work, NFTs could be used for decentralized ownership of digital content licenses? But, I sincerely doubt any such companies would care to set that up.
While I know most people would just prefer everything go DRM-free, I’ll admit I became interested in the practice when I learned town libraries can stock AAA console video games, but would have a hard time stocking indie/AA games that have only had digital releases - even if the game’s creator is a hipster that loves libraries, the only simple approach there is to give away infinite free copies of the game.
This isn't remotely what fungible means...
Yeah, well, we can't all be expert mycologists.
You're thinking of fungal. Fungible is when something shatters easily, like fungible ammunition.
You're thinking of fragile.
Fungible is a brand of prepacked lunches, typically containing crackers, bologna, and cheese.
No you're thinking of luchables, fungible is when you catch a Gible and he's loads of fun. Keep looking in the grassy areas.
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How in the world does the insta page cause them to lose the tokens?
Probably using the same password.
I'm not convinced the author of this meme knows what "fungible" means
Mushrooms. Is it mushrooms?
Of course it means that you can funge them.
Me neither. Please explain. Something with mushrooms, surely.
Being "fungible" means that something is functionally equivalent with something else.
For example even though every dollar bill is unique (they have unique serial numbers), they are all fungible. If you deposit $100 in the bank, then withdraw $100 later, you are not getting the same bills, maybe not even the same denominations, but you don't care because it doesn't matter.
In the digital world copies are cheap and perfect. There is literally no way to tell a copy of an image from "the original". So in the digital world all copies of something are fungible, and originals don't meaningfully exist.
NFTs try to introduce artificial scarcity to the digital space by creating a distinction between "the original" of something and the copies, by introducing a sort of chain of custody tracking system.
NFTs try to introduce artificial scarcity
Just want to add to that, NFTs aren't inherently about artificial scarcity, they could also be used to track ownership of rights or real life items without a central authority that everybody needs to trust.
Of course, cryptobros immediately went to pushing them as an investment scheme, and the actual implementations are slow, inefficient, and downright expensive to use. I don't think anybody has managed to make NFTs actually useful, but I imagine the original creators weren't looking to create... Whatever this is.
Something that is fungible is not unique.
An NFT is essentially a number tied to another number in a block chain that establishes ownership.
It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud. Somehow it got turned into little graphics exchanged for money and I still don't understand how that happened.
So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.
It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud.
So useful in fact that no company in existence that I know of uses it.
Don't know of a single bank, fortune 500 or any financial institution that uses it.
Wonder why.
So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.
Yeah, I dont think you can go from worthless to worthless.
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I would question how an Instagram account causes nft to be stolen...... But we are on meme so let's leave it at that.
One of the funniest ways that these people get hacked is that you can give someone an NFT. Like it’ll show up in the wallet, no way to get rid of it. So you make a fake BoredApe or whatever other stupid JPEG, with a “smart contract” that essentially boils down to “steal everything” if the person ever interacts with it. Iirc some of the bigger name people have a bunch of these fake, toxic NFTs that they can’t interact with in any way, just hanging out in their wallet.
I remember reading that because of KYC you can effectively lock people out of their crypto wallets by having your own wallet associated with something illegal and sending that person some money.
Now because the person receiving the funds doesn't know who you are, they can't prove the person sending them money is legit and therefore can't unlock their accounts.
They compromised the official Instagram account then phished its followers for their NFTs.
The attacker seized control of the BAYC Instagram account and sent a phishing post that many followers were fooled into clicking on, connecting their crypto wallets to the hacker’s “smart contract” – a mechanism for implementing a crypto transaction. That enabled the attacker to steal the assets held in the wallets, seizing control of four Bored Apes, as well as a host of other NFTs with an estimated total value of $3m.
well in that case it's fine. the blockchain is tamper-proof after all, so it must have been legitimate transfers.
Of course, because if it’s a legitimate theft, the block chain has ways to try to shut that whole thing down.
🤌
I mean if you want steal it makes sense to target idiots
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Pretty funny story, but it is 3 years old at this point.
"You maniacs! You funged it up! Ah, funge you! God funge you all to hell!"
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