Major NFT Indicies Stable After NFT Trader Hack

Nansen’s NFT-500 and Blue-Chip-10 indexes were stable after nearly $3 million worth of non-fungible tokens (NFTs) were stolen from trading platform NFT Trader.

The Nansen NFT-500 index is down 0.88% when denominated in ether (ETH), while the Blue Chip 10 index is down 0.51%. Nearly $3 million in NFTs were stolen in the hack, with the attacker demanding a ransom of 120 ETH ($260,000) for their return.

A community effort organized by the decentralized autonomous organization (DAO) Boring Security led to the recovery of nearly all of the stolen collection after Yuga Labs’’ Greg Solano contributed to a bounty.

DAOs are organizations that are governed by code instead of leaders. NFTs are crypto assets that grant gamers and collectors ownership over their digital items.

While the hack didn’t cause much fluctuation in the market, Nansen’s NFT-500 index is down 49% year-to-date in ether value, while its Blue Chip 10 index is down 45%.

Meanwhile, ether is up nearly 80% year-to-date.