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Popular Crypto Entrepreneur Jason Falovitch Loses $150K Worth of NFTs to Cyber Thieves

News
Popular Crypto Entrepreneur Jason Falovitch Loses $150K Worth of NFTs to Cyber Thieves

Jason Falovitch, serial tech entrepreneur and co-founder of Leverage, has recently lost $150,000 worth of non-fungible tokens (NFT) in cyber fraud.

CEO of Leverage Loses $150,000 in NFTs

Hackers have always been a threat to NFT owners. Earlier this year, the tech space recorded several similar attacks. The highest being the loss of about $14 million in a breach of the  Bored Ape Yacht Club Instagram account. This was followed closely by Beeple’s loss of a sum of $438,000 to scammers when its Twitter account got hacked.

Hackers seem to be on a rampage as four non-fungible tokens, estimated to be worth about $150,000, were stolen from prominent crypto dealer Jason Falovitch. Jason is a co-founder of Leverage Game Media and the official business partner of TV star Mark Cuban. 

Falovitch made the attack known in a post on his Twitter page recently. According to him, the attack happened in the late hours of the 24th of September.

Falovitch Advises Clients Not To Buy From His Wallets

Following the attack, Falovitch has taken to his Twitter page to advise the public to refrain from patronizing his wallets. He says: “I got hacked last night on @opensea. Apes, doodles, eth. It’s not pretty. Please do not buy any of these items or anything else from my wallets,”

Four Digital Assets Were Lost in Tweeter Heist

The tweet was accompanied by a screenshot revealing that the crypto dealer lost control over some of his important assets. These included two Doodle NFTs (precisely #5260 and #1404, respectively), a Mutant Ape Yacht Club NFT, and one  Bored Ape Yacht Club token.

According to an industry site, Web3isgoinggreat.com, the stolen items were resold at shocking rates. The Mutant Ape was sold for ETH 15.99 while the Bored Apes was resold at  ETH 82.69.

Considering current Doodle floor prices and the number of stolen assets, the hacker will likely make nothing less than $150,000 in profit. However, the loss is higher for Falovitch, as the four NFTs cost up to $377,000, considering the price of ETH at the time they were acquired.

Over $1 Million Was Lost in the Crypto Business

While sharing his views on his recent losses, Falovitch stated that the latest attack on his wallets via the OpenSea marketplace had brought his total NFT and ETH losses to over 1 million dollars. A huge sum for any business these days.

According to a recent analysis by blockchain analysts, Chainalysis, there has been a disturbing increase in cryptocurrency-based crimes in 2022. Hackers now employ different strategies, such as hacking and theft of funds, the beaching of social media accounts, etc. The company describes 2022 as a tumultuous year for the crypto industry.

Chainalysis states, “Through July 2022, $1.9 billion worth of cryptocurrency has been stolen in hacks of services, compared to just under $1.2 billion at the same point in 2021.”