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Hack sends NFT provider Skulltoons into damage control

By Monte Stewart


Updated

NFT on a stock display
NFT on a stock display. - Photo: Shutterstock

Non-fungible token provider Skulltoons was forced to do some damage control Thursday after an ESPN baseball reporter’s Twitter account was hacked.

Jeff Passan’s Twitter account was temporarily taken over by someone promoting Skulltoons, which is a limited collection of 10,000 skull-themed art NFTs.

Passan, who has more than 800,000 Twitter followers, had tweeted on the Major League Baseball lockout shortly before the hack occurred. That prompted some media outlets to quip that he was locked out during the lockout.

Account renamed

Passan’s Twitter account was temporarily renamed Jeff.eth (Passan), in an apparent reference to the Ethereum cryptocurrency, and his photo was replaced by a Skulltoons image.

Skulltoons leaders responded to backlash by hosting what the NFT provider called an emergency security AMA on Twitter. Skulltoons leaders denied that they had anything to do with the security breach during the audible session.

“We did not hack Jeff Passan,” said a leader called Skull Ninja. “We do not have any intention of hacking anything. If anything, we’re too busy trying to stop people from trying to hack us.”

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Others hacked recently

Another Skulltoons leader, known as Lord Skully, said other people have been hacked by someone promoting Skulltoons in recent days. But he did not elaborate.

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“Many scammers try to impersonate us on a daily basis. We constantly remind our community of this,” tweeted Skulltoons.

Skulltoons said in another tweet that it reached out to Twitter to ensure that the social media company did not close Passan’s account, which was later restored to its usual self.

Photo: Twitter

“I’m back,” posted Passan above his photo.

Later, Major League Baseball was back, too. The league and players reached a tentative deal to end the labour dispute.

Passan was among the first to report the news – on his Twitter account.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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