Users are advised to remove NFTs from the Treasure marketplace as an exploit has been discovered

An exploit has been discovered on the Arbitrum blockchain's Treasure, the largest marketplace for non-fungible tokens (NFTs).

In a tweet sent on the evening of March 2, Treasure DAO co-founder John Patten acknowledged the hack.

"The marketplace for treasures is being abused." Please remove all of your things from the marketplace. We'll pay for the exploit, and I'll personally give up all of my Smols to make it right," he stated.

Treasure said on its Discord service earlier today that the marketplace has been halted and that users should "delist anything." Later, the company's representatives stated that they believed they had discovered the problem.

Users of Treasure were alarmed by the news, and turned to social media to warn others.

The precise scope of the attack and which products were stolen are unknown, but a blockchain address linked to the culprit — provided by Twitter sleuths — provides some insight.

That address appears to indicate the theft of 17 Smol Brains, one of the most popular NFTs traded on Arbitrum.

The total value of these items, based on their reported pricing on the Treasure platform, is 426,511.38 in MAGIC, Treasure's native token, or roughly $1.4 million at current prices. The hacker appears to have obtained the parts without having to pay for them.

According to CoinGecko, news of the attack caused MAGIC's price to plummet from roughly $3.8 to as low as $2.6. In the hours since the exploit, the price of the token has rebounded slightly and is presently trading at around $3.3.

Treasure and John Patten were contacted for comment but did not answer by the time of publication.