Bored Ape Yacht Club(BAYC) NFT Theft
Bored Ape Yacht Club (BAYC), one of the most prominent NFT collections, had its official Instagram account hacked, resulting in the loss of $3 million in digital art. This isn’t BAYC’s first security blunder, and it’s far from the most high-profile NFT crime. In February, OpenSea, the world’s largest NFT marketplace, said that 17 persons were targeted in a phishing attack, with the hacker stealing 250 NFTs worth $1.7 Million.
Even though the underlying blockchain technology is secure, the event exposed the continuous vulnerability of crypto projects’ social media platforms, which may expose customers to risk. The Bored Ape Yacht Club NFT collection, as well as a number of other notable NFT collections and associated blockchain and metaverse activities, are managed by Yuga Labs.
Other thefts:
As one of the most well-known NFT collections, with owners including Eminem, Gwyneth Paltrow, and Madonna, BAYC holders are routinely targeted for attacks of various technical significance. One anonymous owner, “s27,” lost a $500,000 ape collection in early April after being fooled into switching it for, basically, counterfeits: the fraudster manufactured new NFTs that were physically similar to BAYC photos but for a green tick over them – mimicking the trade platform’s “certified” mark.
Another Ape owner, New York art collector Todd Kramer, reported his personal $2.2 million loss in December with the tweet, “My account was compromised. All of my apes have vanished. Because this home has just sold, please assist me.” Kramer was able to reclaim a fraction of his stolen Apes via the NFT trading site OpenSea after becoming a victim of a similar phishing fraud – but not before his statement “all my apes gone” was extensively criticized online by those who distrust the NFT fad’s veracity.
What is known so far:
It is yet unknown how the hackers acquired access to the Bored Ape Yacht Club’s Instagram account. Yuga Labs informed Vice that it has removed all Instagram links from its services, contacted the community, and attempted to restore the account shortly before 10 a.m.
The official informed Vice that “two-factor authentication was enabled, and security requirements around the IG account were severe.” “Yuga Labs and Instagram are investigating how the hacker gained access to the account right now. “Our research is still ongoing.”
Also Read: Ronin Bridge Hacked