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The crypto market is not completely safe from scammers and hackers that make people quite a bit insecure; the BAYC NFT collection is becoming the recent example
Popular nonfungible tokens collection Bored Ape Yacht Club has been hit by hackers again. On Monday morning, the official Instagram account of Bored Ape Yacht Club was hacked, and the hackers stole its four NFTs along with the Yuga Labs-created NFTs. The hack took place as some users got tricked into believing that they would manage to mint a new NFT feature for their digital assets by clicking a link. By clicking the link, instead of allowing users the promised feature, it gave access to hackers and hence stealing their Ethereum assets.
The official Twitter account of Bored Ape Yacht Club tweeted regarding the hack that on Monday morning, the official instagram account of BAYC was hacked. The hacker managed to post a fake link of an imitator BAYC website with a scam airdrop that prompted several users to sign for a ‘safeTransferFrom’ transaction, which made the transaction of their assets to the wallet of scammers.
Popular digital investigator Zachxbyt investigated the address involved with the phishing site and evaluated that about $3 million worth of nonfungible tokens were stolen from users. A huge amount, which was about $2.4 million, consisted of some rare NFTs. The digital sleuth said that the hacker had sold the NFTs for a value below 761.8 ETH or $2.25 million, and then the money was transferred to accounts in the two of the top crypto exchanges, Binance and KuCoin. There were about 77 additional NFTs that were stolen during the hack.
The NFT collection BAYC released advisories to owners of NFTs in the following tweets that after finding out about the hack, it had alerted the community immediately and removed the links from the platforms that compromised the instagram account. It also said that the two-factor authentication was enabled at the time of the hack. Once BAYC gained control over the account, they opened an investigation while taking support of Instagram, where hackers gained access.
BASIC advised those who got affected by this or have any information regarding this to reach out to them by email while emphasizing that users need to contact them first. It also alerted them that anybody catching them first is not them. It mentioned that they would not reach out first over email to anyone, and they will also never ask for anyone’s seed phrase.
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.
