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Early morning today, July 17, attackers hacked NFT service provider PREMINT’s website. Do not click any links or sign any transactions on the website. While some users have reported that attackers stole their NFTs, we don’t yet know the full extent of the damage. At the time of writing, PREMINT’s website was up and running and the team had not yet confirmed if they had regained access to the website. Let’s take a look at what we know so far about the PREMINT hack.
Today morning, many took to Twitter to issue warnings about PREMINT’s hack, cautioning users against making any transactions on the project’s website. For the uninitiated, PREMINT is an NFT service provider that allows top NFT artists to build access lists and raffles for community members.
“Please do not sign any transactions that say set approvals for all!” PREMINT Tweeted. The project added that they are currently looking into reports.
By giving token approval, you are essentially giving the hacker approval to move your NFTs, without you signing anything again. However, you can revoke this approval.
To check if your wallet was compromised in the PREMINT hack, go to Etherscan and check your wallet’s history. If you notice a Set Approval function anywhere, it means that you signed a ‘set approvals for all’ transaction. In your history, you will also be able to see any transactions that you didn’t do yourself—a clear sign that your wallet was compromised.
If your wallet was compromised, here’s what you can do:
Ultimately, it’s always safer to use a crypto burner wallet to avoid situations like this. Essentially, a burner wallet is a temporary crypto wallet that you use purely for minting NFTs or making any dApp transactions. This wallet will only have the minimum amount you need to mint an NFT or pay for gas. This way, even if someone hacks your burner wallet, your primary assets will remain safe.
Since last year, there has been a significant increase in NFT hacks, with PREMINT being the latest victim. Early today, we reported that a hacker targeted NFT Artist DeeKay’s Twitter account on Friday. Reportedly, the hack resulted in losses amounting to $150,000 in NFTs.
With NFT scams on the rise, it is now more important than ever to be extra cautious while approving any transactions. Always double-check the authenticity of any NFT drops, even if it comes from a verified account.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Reethu Ravi is a journalist based in India, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned journalist, she loves bringing stories of change and innovation to the limelight.
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