A recent incident on the SuperRare platform has drawn attention to security issues within the crypto industry. Hackers exploited a vulnerability in the staking contract, leading to significant losses for the company.
Details of the Attack and Vulnerability
On July 28, 2025, hackers managed to steal approximately $730,000 in RARE tokens due to a critical vulnerability in the RareStakingV1 staking contract. Security experts, including Blockaid, reported that the vulnerability allowed the attackers to take control of the contract and transfer assets to their wallets.
Impact on RARE Token
Following the incident, the RARE token lost 6% of its value, dropping from a high of $0.0617 to $0.05815. However, the token remains above its weekly lows and is still up 13% compared to the prior month, indicating a limited impact from the hack.
Current State of the NFT Market and SuperRare
Currently, the market cap of the RARE token stands at $48.01 million. The SuperRare platform has recorded a lifetime sales volume of $249.71 million, but NFT market sales have significantly declined in recent years, with only $2,120 in sales registered over the past 30 days.
The incident at SuperRare highlights the importance of security in the crypto industry. While the attack was limited to the staking contract, it raises concerns regarding asset protection on NFT platforms.
