Flooring Protocol Faces $1.54 Million NFT Heist

Despite the attacks, the native coin of Flooring Protocol , FLC, showed resilience in the market, experiencing positive price movements.

Flooring Protocol Faces $1.54 Million NFT Heist
Flooring Protocol Faces $1.54 Million NFT Heist

A total of thirty Pudgy Penguins and fifteen Bored Ape NFTs were reportedly taken, with a combined value of around $1.54 million, which is equivalent to 690 Ether (ETH).

A solution for the liquidity of non-fungible tokens (NFTs) was purportedly compromised on December 16th, and the Flooring Protocol was the victim of this compromise.

According to several accounts on X, the compromise occurred on the Flooring Protocol’s peripheral or multicall smart contract. The perpetrator then dumped the NFTs that were taken.

However, a few hours after the assault, the protocol developers implemented a solution that they believed effectively neutralized the vulnerability by implementing the remedy.

In addition to this, they offered assurances that the core smart contract would continue to be protected and that no digital assets that were kept in safes or vaults would be affected.

According to reports, the intruder sold the stolen NFTs on Blur for a profit that ranged from $1.5 million to $1.6 million, depending on the price of ETH at the time.

Boring Security, a security protocol that the ApeCoin DAO finances, hypothesized that users of Flooring Protocol who lost NFTs as a result of the attack might not be able to reclaim them because the hacker had already dumped them.

The attack against Flooring Protocol took place within a few hours following the breach that affected the P2P NFT platform known as NFT Trader. Several high-profile non-financial transactions were stolen.

The exploiter responsible for the NFT Trader incident issued various demands through on-chain texts. One of these demands requested that the owners of the stolen NFTs send a bounty equal to ten percent of the tokens’ market value.

Furthermore, NFT Trader, a peer-to-peer site that malicious actors took over, has requested that users remove their approval.

Nevertheless, it seemed as though the culprit had changed their mind and voluntarily returned some of the objects that had been stolen, including a couple of pieces from the Mutant Ape Yacht Club and a World of Women NFT. This occurred several hours after the event had occurred.

A further individual who self-identified as a “female scavenger” divulged the address of the person who had managed to infiltrate the organization.

On October 15, two months ago, the Flooring Protocol was made available to the public. The unique approach that the platform takes to deconstruct non-fungible tokens (NFTs) into ERC-20s quickly garnered the attention of y00ts holders, Azuki Elementals, and Pudgy Penguins, consequently establishing itself as a notable hub for the gathering of these specific NFTs.

Additionally, as a consequence, it assumed the role of the primary “holder” of the three collections, which resulted in a significant increase in the trading volume of these collections on the NFT marketplace.

As of the 16th of October, Flooring Protocol had amassed a total of 365 y00ts, 191 Pudgy Penguins, 914 Azuki Elementals, and 191 Pudgy Penguins, which resulted in a total value locked (TVL) that was more significant than 1,800 ETH.

At the time of its debut, the native coin FLC of the system briefly achieved a valuation of $4 billion, which was utterly diluted.

Fifty percent of the twenty-five billion FLC tokens in circulation are intended for community support, while the remaining twenty-five percent are designated as reserves.

The allocation of fifty percent of the forty percent allotment held by the community, which is allocated for liquidity incentives, is known as staking.

With a one-day trading volume of $3.34 million, FLC prices have climbed by 12% over the previous twenty-four hours, according to statistics provided. This improvement comes despite the attack that was launched against the Flooring Protocol.

Furthermore, the token has climbed by 8.3% and 52% during the past fourteen and thirty days, respectively, over the preceding fourteen days.

As a result of the fact that FLC’s stock has lost 22.2% of its value over the past week, the company has not been in a very favorable position.