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- Bored Ape Yacht Club (BAYC) witnessed its Instagram account hack, as confirmed by the team itself.
- This hack resulted in a loss of 6 Mutants, 4 Apes, some digital assets, etc., as one of the project co-founders highlights.
- Despite the two-factor authentication and best practices in the security of the IG account, the attackers managed to leave them with considerable losses.
Bored Ape Yacht Club (BAYC), the leading Non-Fungible Tokens (NFTs) project, witnessed a hack on its Instagram account. This was confirmed by the team recently.
Yuga Labs, the team behind the project, lost access to this social media account of theirs. The team verified that this hack enabled the hackers to post links to copycat websites wrestling in fake Airdrops.
Bored Ape Yacht Club (BAYC) IG Hacked Despite The Required Security Measures
The folks were coaxed to the fraud websites as it was presented in a way that they thought the announcement was official. They later got along when they were asked to sign a safeTransferFrom transaction. And the team highlighted that this enabled the attacker to carry out thefts of their digital assets.
The team noted that instantly after finding the hack, they alerted the community and removed the links to their compromised IG account from their platforms, and they attempted to recover the account.
Furthermore, the Bored Ape Yacht Club (BAYC) highlighted that the project was secured via two-factor authentication, and best practices were being followed regarding the account’s security.
But then, there is never a full surety regarding any project, let alone the crypto industry and related concepts. According to a project co-founder, this hack resulted in a loss of 6 Mutants, 4 Apes, 3 Kennels and loss of some other digital assets.
The team clearly stated on their Twitter and IG accounts that if anyone is affected or has any information that could be helpful, they can reach out to ighack@yugalabs(dot)io. They stated that they need to contact them, and they won’t be contacting them first.
An anonymous user also signified that the hackers sought to steal about 2,000 ETH in some minutes. Users also made public the screenshots from the fraud airdrops that promised the users a portion of LAND, which was a fake token and needed to link their metamask wallets.
Bored Ape Yacht Club (BAYC) is one NFT project supported by many individuals and celebrities. Although hacks and frauds are not new in the crypto industry, it is still in the supporters’ hands to be alert of such unethical activities.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
