As Bored Ape Yacht Club (BAYC) developers said on Monday, hackers hacked the official Instagram page of the popular Non-Fungible Token (NFT) collection and shared links to a fake airdrop with the project’s supporters.
Cryptocurrency enthusiasts who connected their MetaMask wallets to the fraudulent website were later drained of their Ape NFTs.. It appears the attack was timed to coincide with the one-year anniversary of the BAYC collection launch, increasing the “perceived credibility” of the phishing link.
Unconfirmed social media reports indicate that around 100 NFTs were stolen in the phishing attack. According to data from CoinGecko, the minimum price of each BAYC NFT is around 139 Ether (ETH), or $400,726. So, if the reports are genuine, over $40 million in assets were lost in the attack. However, the numbers may only represent the lower part of the estimate, as it is based on the floor price.
There is no coinage today. It looks like BAYC Instagram has been hacked. Don’t hit anything, click on links, or link your wallet to anything.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
Today there is no change for today. It looks like BAYC Instagram has been hacked. Don’t hit 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 stress the importance of two-factor authentication as an effective deterrent against unauthorized logins, others say these methods are not entirely foolproof and, in fact, can be compromised by a SIM card exchange.
BAYC has become an all-time favorite NFT collection in crypto, generating over $1 billion in sales by 2021. The collection supply is set 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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