• ZenGo security team released a dashboard to detect, track, and monitor potential NFT hacks using offline signatures on the OpenSea marketplace.
• The dashboard flags up to $25 million worth of NFTs hacked via offline signatures as potential hacks.
• ZenGo is also collaborating with Ethereum Foundation and other wallets to support its drafted Ethereum Improvement Proposal (EIP) aimed at solving potential hacking issues.
ZenGo Security Team Releases Dashboard
As the non-fungible token (NFT) market continues to increase adoption, bad actors have also crept in to prey on the developing market. To help investors detect, track and monitor potential NFT hacks using offline signatures on the OpenSea marketplace, Crypto wallet ZenGo security team earlier today released a dashboard.
Detection Logic
The underlying method for the dashboard built by the ZenGo security team involves comparing data. It compares the listing amount of an NFT to the trade amount of the NFT collection floor price. If a valuable NFT was traded through OpenSea for a very low amount compared to its estimated value, then it’s highly likely that it is a scam. The dashboard leverages data from crypto data analytics platform Dune in order to initiate this comparable detection logic.
Searchable & Sortable Charts
Apart from being an NFT hack detector, the dashboard provides searchable and sortable charts that include an online updating table of a particular hack with many details and relevant links to Etherscan as well as top attackers, victims, and hacked NFT collections.
Ethereum Improvement Proposal (EIP)
The ZenGo team also mentioned collaborating with Ethereum Foundation, several decentralized applications (dApps), and other wallets to support its drafted Ethereum Improvement Proposal (EIP). This EIP aims at solving potential hacking issues related to offline signatures used for authorizing transactions with private keys kept offline.
Conclusion
The release of this dashboard by ZenGo is a great step towards creating more transparency in the marketplace so that investors can be better informed when making their decisions around purchasing or trading digital assets like non-fungible tokens (NFTs).