this post was submitted on 19 May 2025
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[–] slazer2au@lemmy.world 106 points 1 week ago (2 children)

I would question how an Instagram account causes nft to be stolen...... But we are on meme so let's leave it at that.

[–] vaguerant@fedia.io 115 points 1 week ago (4 children)

They compromised the official Instagram account then phished its followers for their NFTs.

The attacker seized control of the BAYC Instagram account and sent a phishing post that many followers were fooled into clicking on, connecting their crypto wallets to the hacker’s “smart contract” – a mechanism for implementing a crypto transaction. That enabled the attacker to steal the assets held in the wallets, seizing control of four Bored Apes, as well as a host of other NFTs with an estimated total value of $3m.

https://www.theguardian.com/technology/2022/apr/26/bored-ape-yacht-club-nft-hack-theft-art-simian-oblivion

[–] lime@feddit.nu 83 points 1 week ago (1 children)

well in that case it's fine. the blockchain is tamper-proof after all, so it must have been legitimate transfers.

[–] Passerby6497@lemmy.world 68 points 1 week ago (1 children)

Of course, because if it’s a legitimate theft, the block chain has ways to try to shut that whole thing down.

[–] slazer2au@lemmy.world 12 points 1 week ago

Ah, fair enough.

[–] jdeath@lemm.ee 10 points 1 week ago

so nothing changed about the fungibility at all

[–] Damage@feddit.it 5 points 1 week ago

I mean if you want steal it makes sense to target idiots

[–] andros_rex@lemmy.world 6 points 1 week ago (1 children)

One of the funniest ways that these people get hacked is that you can give someone an NFT. Like it’ll show up in the wallet, no way to get rid of it. So you make a fake BoredApe or whatever other stupid JPEG, with a “smart contract” that essentially boils down to “steal everything” if the person ever interacts with it. Iirc some of the bigger name people have a bunch of these fake, toxic NFTs that they can’t interact with in any way, just hanging out in their wallet.

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[–] 0x0@lemmy.dbzer0.com 69 points 1 week ago (5 children)

I'm not convinced the author of this meme knows what "fungible" means

[–] bjoern_tantau@swg-empire.de 47 points 1 week ago

Of course it means that you can funge them.

[–] Arigion@feddit.org 14 points 1 week ago (3 children)

Me neither. Please explain. Something with mushrooms, surely.

[–] peoplebeproblems@midwest.social 18 points 1 week ago (3 children)

Something that is fungible is not unique.

An NFT is essentially a number tied to another number in a block chain that establishes ownership.

It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud. Somehow it got turned into little graphics exchanged for money and I still don't understand how that happened.

So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.

[–] frostysauce@lemmy.world 15 points 1 week ago (21 children)

I mean, they were worthless before...

[–] Th3D3k0y@lemmy.world 7 points 1 week ago (1 children)

What do you mean, I shook my magic 8-ball and it clearly said I was correct in valuing my stick figure at 50b USD. I was completely bankrupted when my kid ripped my paper in half

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[–] kameecoding@lemmy.world 7 points 1 week ago

It provides a history of who owns it to. It's very useful when validating contracts and preventing fraud.

So useful in fact that no company in existence that I know of uses it.

Don't know of a single bank, fortune 500 or any financial institution that uses it.

Wonder why.

So, for instance, since the owners of the NFTs know that the wallet is compromised, the recipients of the NFTs after this point in the block chain are recipients of stolen goods. So anyone tracing the validity of an NFT knows that these are now all worthless.

Yeah, I dont think you can go from worthless to worthless.

[–] rumba@lemmy.zip 4 points 1 week ago (3 children)

Somehow it got turned into little graphics exchanged for money

Step 1: Say blockchain to an investor

Step 2: Tell them you will use it to sell a new thing.

Step 3: Tell them that no one has ever done it before, and it'll be the next hot thing.

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[–] kattfisk@lemmy.dbzer0.com 15 points 1 week ago (1 children)

Being "fungible" means that something is functionally equivalent with something else.

For example even though every dollar bill is unique (they have unique serial numbers), they are all fungible. If you deposit $100 in the bank, then withdraw $100 later, you are not getting the same bills, maybe not even the same denominations, but you don't care because it doesn't matter.

In the digital world copies are cheap and perfect. There is literally no way to tell a copy of an image from "the original". So in the digital world all copies of something are fungible, and originals don't meaningfully exist.

NFTs try to introduce artificial scarcity to the digital space by creating a distinction between "the original" of something and the copies, by introducing a sort of chain of custody tracking system.

[–] kuberoot@discuss.tchncs.de 6 points 1 week ago

NFTs try to introduce artificial scarcity

Just want to add to that, NFTs aren't inherently about artificial scarcity, they could also be used to track ownership of rights or real life items without a central authority that everybody needs to trust.

Of course, cryptobros immediately went to pushing them as an investment scheme, and the actual implementations are slow, inefficient, and downright expensive to use. I don't think anybody has managed to make NFTs actually useful, but I imagine the original creators weren't looking to create... Whatever this is.

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[–] shplane@lemmy.world 7 points 1 week ago

Probably, but the way it’s written does add to the funnys

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[–] gigachad@sh.itjust.works 50 points 1 week ago (2 children)
[–] Venus_Ziegenfalle@feddit.org 18 points 1 week ago

Not to be confused with millions worth of Dollar

[–] kozy138@lemm.ee 8 points 1 week ago

So like a dollar

"You maniacs! You funged it up! Ah, funge you! God funge you all to hell!"

[–] aubertlone@lemmy.world 38 points 1 week ago (3 children)

I just remember looking into NFTS when they were gaining hype. There are a few real world use cases for them.

However ultimately the NFT ended up leading back to a URL of the picture. I may be oversimplifying it a little bit but that's basically how it worked.

So the web hoster could just revoke the URL or set it to something else. So you don't really own anything. I will have to look at the specifics of this "hack". But this was always gonna be an issue.

[–] PeriodicallyPedantic@lemmy.ca 15 points 1 week ago* (last edited 1 week ago)

It didn't have to a URL to an image. It could have been a serial number showing ownership of a thing, etc.

But block chain isn't really necessary for a registry, and in the end the money was in scamming people by selling them urls to images.

[–] Evotech@lemmy.world 11 points 1 week ago* (last edited 1 week ago)

You can make images small enough to be hosted within the blockchain and there’s a fair amount of nfts like that. But that’s limited to pixel art stuff

[–] Katana314@lemmy.world 5 points 1 week ago

I feel like, with some work, NFTs could be used for decentralized ownership of digital content licenses? But, I sincerely doubt any such companies would care to set that up.

While I know most people would just prefer everything go DRM-free, I’ll admit I became interested in the practice when I learned town libraries can stock AAA console video games, but would have a hard time stocking indie/AA games that have only had digital releases - even if the game’s creator is a hipster that loves libraries, the only simple approach there is to give away infinite free copies of the game.

[–] ExtantHuman@lemm.ee 38 points 1 week ago (1 children)

This isn't remotely what fungible means...

[–] AnUnusualRelic@lemmy.world 66 points 1 week ago (1 children)

Yeah, well, we can't all be expert mycologists.

[–] rbos@lemmy.ca 26 points 1 week ago (5 children)

You're thinking of fungal. Fungible is when something shatters easily, like fungible ammunition.

[–] PeriodicallyPedantic@lemmy.ca 16 points 1 week ago (1 children)

You're thinking of fragile.

Fungible is a brand of prepacked lunches, typically containing crackers, bologna, and cheese.

[–] camelbeard@lemmy.world 14 points 1 week ago

No you're thinking of luchables, fungible is when you catch a Gible and he's loads of fun. Keep looking in the grassy areas.

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[–] kattfisk@lemmy.dbzer0.com 32 points 1 week ago (1 children)
[–] Buddahriffic@lemmy.world 25 points 1 week ago

I bet the theft is actually about insurance fraud, since that's probably the only way to get anyone to pay that amount for them.

[–] LesserAbe@lemmy.world 16 points 1 week ago (1 children)

I love both the Simpsons and mocking NFTs, however that's not what fungible means

[–] misterdoctor@lemmy.world 11 points 1 week ago

This guy funges

[–] bitwolf@sh.itjust.works 15 points 1 week ago (1 children)

How in the world does the insta page cause them to lose the tokens?

Probably using the same password.

[–] aeronmelon@lemmy.world 9 points 1 week ago

“Help me, Dr. Zaius!”

[–] brucethemoose@lemmy.world 7 points 1 week ago (2 children)

My interpretation of the NFT/Crypto Future argument is “They’re perfect! It’s just that humans have to stop behaving like humans!”

[–] kattfisk@lemmy.dbzer0.com 6 points 1 week ago

It's petty funny to see them rediscover why we have all these financial regulations

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[–] RealM__@lemmy.world 7 points 1 week ago

Pretty funny story, but it is 3 years old at this point.

[–] LillyPip@lemmy.ca 6 points 1 week ago (1 children)

Oh wow, that’s still a thing?

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Oof ouch right in the token

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