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NFT News

Optimism’s Quixotic NFT Marketplace Exploited Losing ERC-20 Tokens

Quixotic assured users that any lost funds would be returned, and it returned approximately $145,000 to 870 wallets.

Written By:
Renuka Tahelyani

Last updated: July 2, 2022 12:40 PM
Published July 2, 2022 12:40 PM
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Last updated: July 2, 2022 12:40 PM
Published July 2, 2022 12:40 PM
Optimism’s Quixotic NFT Marketplace Exploited Losing ERC-20 Tokens

After Twitter user Apetimism pointed out the breach, Quixotic, the largest NFT marketplace operating on Optimism, confirmed that a recent contract update was exploited, resulting in the loss of ERC-20 tokens.

We can confirm that a recent update to our marketplace contract was exploited, allowing a hacker to steal approved ERC-20 tokens

1. We will be refunding all stolen ERC-20 tokens
2. NFTs remain safe and are not affected by the exploit
3. All marketplace activity remains paused https://t.co/wBYt903QVO

— Quix 🔴✨ (@qx_app) July 1, 2022

According to Apetimism, the attackers apparently targeted Quixotic’s “Offer” feature and stole $100,000. An attacker deployed a contract to bypass some logic on Quixotic’s smart contract over the offering feature. This would let them steal all the tokens used in any offer on Quixotic in any currency.

The NFT marketplace team advised users to cancel their offers as soon as possible, and that all marketplace operations would be halted.

Quixotic had guaranteed and made good to the clients affected by the attack, returning approximately $145,000 to 870 wallets. The exploited contract has been put on hold indefinitely. The attack has had no effect on the NFTs listed on the market.

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Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Renuka Tahelyani - Crypto Content Writer at The Crypto Times
By Renuka Tahelyani
Renuka Tahelyani is a CA student, enthusiastic about everything Finance. She is still a wanderer in the crypto world aiming to keep up. When she is not reading a business journal she is either engrossed in a novel or planning an imaginary trip with imaginary cool people.

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