DeFiance Capital founder’s digital wallet hacked, loses $1.6M in NFTs

Arthur Cheong (“Arthur Ox”), founder of the DeFi venture fund DeFiance Capital is one of the latest victims of a hot wallet breach.

The NFTs of Arthur, founder of DeFiance Capital, was hacked. The suspected reason was that the mobile hot wallet was attacked. In the past three hours, more than 20 NFTs, including Azuki and CLONE X, were transferred to the hacker address. pic.twitter.com/XwaF3rXkKA

— Wu Blockchain (@WuBlockchain) March 22, 2022

According to blockchain data, Cheong has lost more than 78 NFTs, including the ones from popular NFT collections AZUKI and CloneX, after the hackers transferred the tokens to their address. In addition, he was also hacked out of over 68 wrapped Ether (wETH), 4,349 staked DYDX (stkDYDX), and 1,578 LooksRare (LOOKS) tokens.

The founder acknowledged the situation in a Twitter thread and revealed the root cause of the hack. He noted:

“Found out the likely root cause for the exploit, it’s a targeted social engineering attack. Received a spear-phishing email that really seems to be sent by one of our portco with content that seems like general industry-relevant content.”

Was pretty careful and stuck with only using hardware wallet on PC until I start trading NFT more regularly.

Hot wallet on mobile phone is indeed not safe enough

— Arthur (@Arthur_0x) March 22, 2022

The hacker has since listed and sold most of the NFTs on OpenSea. At the time of writing, they were holding 545 ETH, about $1.6 million, in their wallet address.

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