The ZenGo wallet security team launches a real-time dashboard that allows community members. Can detect, track and verify potential hacks of NFT tokens using offline signatures in the OpenSea marketplace.
address teamBehind the ZenGo crypto wallet, they say they built a NFT hack detector using a simple method that includes tracking perceived NFT trades in the market. and comparing the trading volume of the floor price, if the ratio between the two trading volumes is suspiciously low. It will be flagged as a hack.
while writing The dashboard said nearly $25 million worth of NFTs were hacked via offline signatures. ZenGo’s chief technology officer, Tal Be’ery, described this type of hack as different from other methods.
First of all, this type of hack doesn’t have a generic way to express the meaning of the message that the user must sign. This means that the user must “trust” the message and sign it. Be’ery also explained that this type of hack involves platform contracts. and argued that the platforms were jointly responsible in these cases.
When asked about possible solutions to this problem, Wallet executives claim that There is currently no good solution.
“Users can use browser extensions. This allows some offline signatures to be visible, but does not cover all offline signatures and needs to be updated whenever a new type of offline signature is added.”
According to the ZenGo team, they have also begun working with the Ethereum Foundation, various decentralized applications, and other wallets to support the Ethereum Improvement Proposal (EIP) that will help resolve this issue.
“EIP allows contracts to describe the true meaning of their offline signature so that wallet apps can show their users. Users can then make an informed decision on whether or not they want to sign their offline signature, without having to sign blindly.”
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