The British Army Falls Victim to the Latest NFT Security Breach

The latest NFT security breach was the British Army, who lost over $8 million worth of Ether to hackers. Despite rising awareness, it’s evident that a greater level of functionalities is needed before they can fully trust blockchain as an effective tool for data storage.

The “nft news” is a publication that has been reporting on the latest NFT Security Breach. The British Army was one of the victims of this breach.

The British Army was the most recent victim of a social media account breach using cryptocurrencies on Sunday. For over four hours, the attackers were unable to maintain control over the organization’s official Twitter, Facebook, and YouTube accounts. During that time, they tricked community members into clicking on phishing links by masquerading as verified NFT collections.

As evidenced by screenshots of their actions, the hackers impersonated counterfeit versions of the “The Possessed” and “BAPESCLAN NFT” collections by using the British Ministry of Defense’s (MoD) Twitter account and that crucial blue tick, the former of which reportedly contained a link to a phony mint website. One of the creators of The Possessed responded by advising followers not to communicate with the page on their own Twitter account.

When the hackers lost control of the MoD’s YouTube website, they changed it into a channel for Ark Investment, an investment company that Cathie Woods formed. Here, they broadcast interviews that the company had done with people like Woods, Jack Dorsey from Twitter, and Elon Musk. The interviews also included QR code links to cryptocurrency-related frauds that, if clicked on, would lose control over a user’s cryptocurrency wallet. 

The MoD initially became aware of the security breach at 2:00 PM and said that it had recovered control over its accounts by 5:45 PM, giving the hackers a total of about a four-hour opportunity to carry out such harmful acts. 

How much financial harm the exploit has created is still yet unknown. Currently, the value of the assets taken in cryptocurrency-related fraud this year is estimated to be over $1 billion.

 

The “nft sales” is a new type of NFT that can be used to create and transfer ownership. The British Army has been the victim of a recent security breach, which allowed hackers to steal over $50 million worth of nft.

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