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Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)

submitted 11 months ago* (last edited 11 months ago) by [email protected] to c/[email protected]

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The way I read the article, the "worth millions" is the sum of the ransom demand.

The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

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[–] [email protected] 100 points 11 months ago* (last edited 11 months ago) (8 children)

Sounds like a great way to make an insurance claim on a bunch of NFTs worth "millions" that you could not convince anyone to buy.

[–] gravitywell 39 points 11 months ago (2 children)

What insurance company is dumb enough to insure NFTs?

[–] [email protected] 21 points 11 months ago (1 children)

Ones that think they can't be stolen

[–] [email protected] 9 points 11 months ago (2 children)

You can in fact insure things that it is possible to steal. Cars, bikes, household posessions, you name it. It's quite common.

[–] [email protected] 10 points 11 months ago

If the insurance company thinks the nft can't be stolen, it's money for no risk. That's why they would easily accept insuring an nft.

I think you misunderstood my comment.

[–] [email protected] 3 points 11 months ago

In a highly simplified way: total risk of insuring from theft is roughly other-risks * theft-risk, so if theft risk is 0, it means that other risks, such as insanelly high risks in asset valuation are irrelevant to the total risk which will always end up as 0.

So it makes sense that being paid to insure that which cannot be stollen against theft is risk-free money quite independently of all else. (Of curse, if something has a non-zero probability - even if tiny - of being stolen none of that holds)

I think that's the whole humourous point the previous poster was making: that which NFT promoters kept on telling us guarantees unique ownership which cannot be taken by others (and hence cannot be stollen) turns out that it can.

[–] [email protected] 7 points 11 months ago

Ones that understand the Internet and/or technology. And believe the "secure" hype.

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