Non-fungible token (NFT) platform, Omni was hacked for 1,300 ether (ETH) ($1.43 million) as the hacker exploited the firm's reentrancy vulnerability protocol, according to PeckShield.
Although the hacker was able to drain out more than 1,300 wETH ($1.4 million), the ERC20 tradable version of ETH, Omni stated that the theft did not affect customers' funds. The company added that only internal testing funds were impacted as the platform is still in beta testing mode.
The protocol has been suspended for a complete investigation, according to the NFT company.
According to The Block, projects coded with Solidity are vulnerable to reentrancy. It allows hackers to force their smart contract to make an external call to an untrusted contract.
For this nature of the hack, Yajin Zhou - CEO of blockchain security company BlockSec - told The Block that the hacker deposited NFTs from a collection called Doodles, which were used to borrow wrapped ETH (WETH), tokenized versions of cryptocurrencies...
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