As the developers of Bored Ape Yacht Club (BAYC) announced on Monday, hackers cracked the official Instagram page of the popular collection of non-fungible tokens (NFTs) and shared links to a fake airdrop with the project’s backers.
Cryptocurrency enthusiasts who had connected their MetaMask wallets to the scam website were subsequently stripped of their Ape NFTs.. It appears that the attack was timed to coincide with the first anniversary of the launch of the BAYC Collection, increasing the “perceived credibility” of the phishing link.
Unconfirmed reports on social media brag that around 100 NFTs were stolen during the phishing attack. According to CoinGecko, The minimum price for each BAYC NFT is around 139 Ether (ETH) or $400,726. So if the reports are authentic, more than $40 million in assets were lost in the attack. However, the figures may only represent the lower end of the estimate as it is based on the reserve price.
There’s no Mint going today. It looks like BAYC Instagram has been hacked. Don’t mint anything, don’t click links, and don’t associate your wallet with anything.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
Today there is no imprint for today. It appears that BAYC Instagram has been hacked. Don’t mint anything, click on links or link your wallet to anything.
At the time of publication, it is unclear how the hackers gained access to BAYC’s official Instagram account. While social media users point to the importance of two-factor authentication as an effective deterrent against unauthorized logins, others say these methods aren’t entirely foolproof and can actually be compromised through a SIM card swap.
BAYC has become an all-time favorite NFT collection in the crypto space, generating over $1 billion in revenue by 2021. Collection supply is fixed at 10,000 NFTs. More than 38,748 ETH in monkeys have been traded on OpenSea in the last 30 days.
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