LiveArtX official wallet compromised, NFT collection down 95%

One of LiveArtX‘s official wallets has been compromised around 19:00 UTC on Oct. 16, according to Wu Blockchain.

LiveArtX is an NFT platform that is known for its NFT line Seven Treasures. The platform recently received over $4.5 million in strategic investment from various investors, including Animoca Brands, BNB Chain Fund, and KuCoin.

Soon after the compromise, LiveArtX announced through its official Twitter account that they were working on the problem.

We are doing all we can to resolve the issue with the compromised wallet and we will keep the community updated.

— LiveArt (@LiveArtX) October 16, 2022

The team didn’t release any updates on the matter since. In the meantime, the community has been asking for a refund and blaming LiveArt for scamming.

Seven Treasures

While the team is busy fixing the compromise, their NFT line Seven Treasures has been sinking.

According to data from OpenSea, Seven Treasures’ price recorded a harp fall on Oct. 16, right after the wallet got compromised.

On Oct. 15, the average price for the collection was around $1,493 (1,14 ETH), and the trading volume was $5,946 (4,54 ETH). On Oct. 16, the average price recorded a 95.07% decrease and fell to $73,52 (0,56 ETH).

The trading volume recorded around 659% spike to reach $45,163 (34,48 ETH), which indicates rapid sell-offs of the Seven Treasures NFTs.