In 2024, hackers became more active, stealing over $1.4 billion in cryptocurrency. In the face of growing threats, it’s crucial to understand how to safeguard your holdings. Here is a security checklist for NFTs in 2025.
Major Attacks on NFT Platforms (2023–2024)
The past few years have seen numerous large-scale hacking incidents in the NFT sector. Each of these breaches underscores the importance of enhanced security measures and user awareness.
PlayDapp Hack: $290M Loss
In February 2024, unknown attackers exploited a vulnerability in the PlayDapp platform, allowing them to generate 1.79 billion PLA tokens. Although the company lost $290 million in nominal value, liquidity constraints meant hackers converted only $32 million worth of tokens.
Phishing Attack on British NFT Investments: $250K Loss
In early 2023, British NFT Investments fell victim to a phishing attack, losing $250,000 worth of assets. Attackers employed fake websites and fraudulent tactics to gain access to the company’s funds.
OpenSea Internal Breach: User Data Leak
In 2024, the leading NFT marketplace OpenSea faced an internal security issue. A former employee gained access to an internal list of user email addresses, potentially increasing the risk of phishing attacks.
How to Protect Your Assets
Storing Your NFTs
- Use hardware wallets (Ledger, Trezor, etc.) for long-term storage.
- For frequent transactions, use reputable software wallets (MetaMask, Trust Wallet), and keep them updated.
- Enable two-factor authentication (2FA).
- Store seed phrases offline in a secure location.
Securing Transactions
- Trade on reputable marketplaces (OpenSea, Magic Eden, Blur).
- Check smart contracts for audits before buying or minting NFTs.
- Avoid clicking suspicious links and be wary of phishing attacks.
Smart Contracts
- Verify smart contract audits to identify vulnerabilities (Solidity Scan, De.Fi Scanner, etc.).
- Use external oracles — blockchain services that provide “clean” data to smart contracts (e.g., Chainlink VRF).
- Implement the EIP-712 standard to protect signatures.
Detecting Scammers
- Learn to recognize scams (rug pulls, pump-and-dump schemes).
- Review all authorization requests when connecting wallets.
- Regularly update wallet software.
Advanced Security Measures
- Use a VPN to protect your internet traffic.
- Store valuable NFTs in cold storage.
- For joint projects, use multi-factor wallets.
Insurance and Backups
- Consider insuring your NFTs against theft and loss.
- Back up wallet data and keys in secure locations.
By following this checklist, you can enhance the security of your NFT assets and shield them from modern threats.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.