Engraved NFT Series Raises Questions on Bitcoin Security

03/14/2023 08:05 • AI Insights • 103 views

On March 14, it was reported that the NFT series of Bitcoin, TwelveFold # 205, owned by YugaLabs, was repeatedly “engraved”. The insertion446221 and insertion444385 are both Twelvefold 205/300. The two are currently stored in the same Bitcoin address (bc1pshdmgmkt6pgw56mz94h5y2at4ryuug0ehpz8vg3lnf90xxkr356sjcazc7). The insertion444385 timestamp is 2023-03-1312:42:57, and the insertion446221 timestamp is 2023-03-1316:45:52. According to the official documents of the Ordinals agreement, the creator or owner of the Inscription cannot modify the Inscription after it is created. At present, Yuga Labs has not responded to this matter.

TwelveFold # 205 under Yuga has been repeated" Inscription"

Analysis based on this information:

On March 14, 2023, an alarming report was released about a series of Non-Fungible Tokens (NFTs) of Bitcoin called TwelveFold #205, owned by YugaLabs, being repeatedly engraved. The two engravings, insertion446221 and insertion444385, are both numbered TwelveFold 205 out of the total 300. What’s even more concerning is that the two engravings are currently stored in the same Bitcoin address, bc1pshdmgmkt6pgw56mz94h5y2at4ryuug0ehpz8vg3lnf90xxkr356sjcazc7. The timestamps of these engravings, which were conducted on March 13, 2023, at different times, are 12:42:57 and 16:45:52, respectively.

The Ordinals agreement clearly states that the creator or owner of the Inscription cannot modify it after their creation. This raises the question of how these engravings were able to take place repeatedly. According to experts, the most plausible explanation for this breach would be that the owner’s private key was compromised, allowing the attacker to conduct these engravings without their knowledge.

Furthermore, the fact that the engravings are stored in the same Bitcoin address is alarming. It means that the owner has either allowed someone else to access their account or that the attacker has managed to gain access to it themselves. The concern regarding the security of Bitcoin and other cryptocurrencies has been long lingering one. Incidents such as these raise significant doubts about their ability to maintain the supposed impenetrable security feature.

Despite the concerning situation, YugaLabs has yet to respond to the matter, leaving many traders and investors worried about the security of their investments. Given the lack of transparency and accountability in the cryptocurrency market, such incidents serve as critical reminders of the potential dangers of investing in virtual currencies. They emphasize the necessity of thorough research before investing and employing strong safeguarding measures such as two-factor authentication to prevent such breaches.

In conclusion, the engraving of Twelvefold #205 raises several questions about the security of Bitcoin and other cryptocurrencies. It highlights the need for users to take stronger security measures and perform independent research. Keywords such as NFT, Bitcoin, and security must be taken with the utmost seriousness by all stakeholders, especially in such instances where their safety or investments are at risk.

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Engraved NFT Series Raises Questions on Bitcoin Security

TwelveFold # 205 under Yuga has been repeated" Inscription"

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