NFT platform LiveArtX has seen a drop in the value of its seven treasures collection since the announcement of a compromised wallet.
On Monday, October 17, NFT platform LiveartX reported a compromised wallet on their platform.
“We are doing all we can to resolve the issue with the compromised wallet and we will keep the community updated.” Said the post.
Blockchain reporter, Colin Wu also reported that the NFT collection seven series released by live art had realized an 80% decline in price since the announcement
This report didn’t sound pleasing to the community as user comments under the tweet were
Harsh, some calling the platform a “rug” and a “scam”
Details on the seven treasures price slump
Details on the collection on open sea show the seven treasures collection with a floor price of 0.2 ETH which is currently less than $300. The average price before October 17 was around 1.14 Eth. this shows a huge drop in floor price.
LiveArtX is a Newyork- based NFT platform that aims to be a bridge between the art world and web3. Bringing creators, collaborators, and investors to the metaverse.
It raised about 4.5 million dollars in a funding round earlier this year during its Initial coin offering ICO. which saw support from big brands like Gate labs. Alameda ventures, Okx block dream ventures, and BNB chain.
The seven Treasures collection is a collection of 997 items launched in September 2022. it is described as “a generative art project that brings you on a journey through nature.”
October seems to be a terrible month in crypto. chain analysis records October as the worst month in crypto history in terms of hacks with over 718 million dollars stolen already. One of the first was the transit swap hack which occurred on October 2. Where a hacker stole some ETH and BNB worth $23M. 70% of the funds got recovered within a few hours.
Mango markets also lost $100M to a hacker just recently and Binance suffered a similar attack a week ago.
Investors may start to prefer using centralized crypto platforms and exchanges because they are less prone to attacks.