Hackers Steal Nearly $400,000 From Premint

  • By Steven
  • Published: Jul 20, 2022
  • Last Updated: Jul 22, 2022

Premint, a platform for NFTs, suffered a loss of nearly $400,000 after an especially damaging online attack. Hackers pocketed a tidy sum of money by implementing malicious code to infiltrate the site and redirect funds to their own accounts. All in all, hackers stole more than 300 blockchain entries from the platform.

How did the Hackers Steal the NFTs and Crypto?

The heist centered on the use of malicious JavaScript. The harmful JavaScript was injected into the website code, spurring a pop-up presented to users. The pop-up inquired as to whether the users could verify their ownership of the wallet. As noted in a social media post made by Premint earlier this week, some users complied with the fraudulent request, providing their account information to the digital miscreants.

Instead of confirming their login details to enter the database and connect with other parties for NFT transactions and projects, the users in question found their login information was stolen, and the valuable NFTs were transferred out of their accounts. The compromised users also fell prey to a trap in which the hackers prompted targets to agree to a wallet setting dubbed "SetApproveForAll," creating an opportunity for hackers to take the money from digital wallets. The silver lining is that a small percentage of Premint's users took the bait.

What is SetApprovalForAll all About?

SetApprovalForAll is meant to permit the users of decentralized finance platforms to automatically approve the transferring of tokens as identified in a smart contract. The feature provides utility in the context of cyber attacks as it empowers hackers with an opportunity for manipulation that culminates in transferring user tokens to others' wallets.

What is the role of Web2 Vulnerabilities in the Attack?

The exploit is the latest that makes use of web2 susceptibilities. Those vulnerabilities are leveraged to take advantage of web3 projects. However, there is still a question as to whether the web3 ecosystem will account for the interconnection with web2 technology, mainly when a reliance results in a weakness ripe for exploitation.

How did Premint Respond to the Attack?

Premint has responded to the strike by implementing additional digital security features. However, those new implementations will not offset the fact that hackers stole hundreds of thousands of dollars of NFTs and Ethereum crypto from the platform.

The Premint hack is one of the largest in the crypto and NFT industries this year. Adding salt to the wound is the fact that some of the site's users were redirected to a "Rickroll" video after attempting to access their Premint accounts. Though Premint deserves some credit for taking down the site and prompting customers to turn off the set approval for all functions, it is clear that the company failed to implement the necessary digital safeguards. Furthermore, Premint is attempting to save face by crowdsourcing a list of the stolen NFTs to pinpoint their locations. Premint also provided users with a new login method that does not require connecting to digital wallets.

About the Author
IDStrong Logo

Related Articles

Instagram Vulnerability Allowed Hackers Access to Control Your Phone

Security experts Check Point Research discovered a critical vulnerability while examining Instagra ... Read More

Alien Malware Infects More than 226 Mobile Apps and Steals Bank Data

As reported on September 24, 2020, by ZDNet and ThreatPost, a new strain of malware named “A ... Read More

Universal Health Systems Hit by Ransomware Attack

Universal Health Systems (UHS), a Fortune 500 company owning more than 400 hospitals across the co ... Read More

Exchange Server Bug Exposes a Big Risk to Hackers

Months after Microsoft released a patch to fix a serious flaw in MS Exchange Server, more than 61% ... Read More

Clients’ Bank Data Exposed in Blackbaud Ransomware Attack

Blackbaud software was victim to a ransomware attack last May, and new information suggests that c ... Read More

Latest Articles

Avoiding Scams During the 2024 Paris Olympics

Avoiding Scams During the 2024 Paris Olympics

Breakdancing is coming to the world stage while French citizens stage a creative protest with the hashtag "JeChieDansLaSeineLe23Juin.

How to Stay Away from LinkedIn Scams

How to Stay Away from LinkedIn Scams

LinkedIn is the world's largest professional networking service for accountants, policemen, politicians, advertising professionals, business executives, college students, investment bankers, and consultants.

What is a Ponzi Schemes: History and Examples

What is a Ponzi Schemes: History and Examples

Ponzo schemes continue to grow in complexity and notoriety. These schemes are not transactions or one-time hacks. "Ponzi schemes are fraudulent business operations that promise high returns with little or no risk, claiming investors' money will go towards a legitimate investment.

Featured Articles

How to Buy a House with Bad Credit

How to Buy a House with Bad Credit

Buying your own home is the American Dream, but it might seem out of reach to those with bad credit. However, the good news is, if your credit is less than perfect, you do still have options and in most cases, can still buy a home.

How Secure Is Your Password? Tips to Improve Your Password Security

How Secure Is Your Password? Tips to Improve Your Password Security

Any good IT article on computers and network security will address the importance of strong, secure passwords. However, the challenge of good passwords is that most people have a hard time remembering them, so they use simple or obvious ones that pose a security risk.

Top 10 Senior Scams and How to Prevent Them

Top 10 Senior Scams and How to Prevent Them

Senior scams are becoming a major epidemic for two reasons. First, seniors often have a lot of money in the bank from a life of working hard and saving.

Free Identity Exposure Scan
Instantly and Securely Check if Your Personal Information is Exposed on the Dark Web or Sold by Data Brokers
Please enter first name
Please enter last name
Please select a state
Close
Free Identity Threat Scan
Instantly Check if Your Personal Information is Exposed
All fields below are required
Please enter first name
Please enter last name
Please enter a city
Please select a state
Please enter an age
Please enter an email address
Close