Fraudulent Link Causes Losses of Millions of Dollars -Breaking
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Bored Ape Yacht Club Instagram hack: Fraudulent link causes millions of dollars in losses
Bored Apes are a victim of a thievery that seems to never end. Now, the high-priced NFTs were stolen via Instagram, not OpenSea as is usually the case.
On Monday, a hacker compromised the BAYC Instagram account and shared a phishing link under the pretense of announcing a fraudulent mint of land for the ‘Otherside’ metaverse. Those who clicked on the malicious link had their NFTs transferred to the hacker’s wallet.
False announcement: Users were asked to link their MetaMask wallets to claim virtual land.
this is what the link showed for those wondering pic.twitter.com/noG3TCniXQ
— jatuur (@jatuur) April 25, 2022
NFT fraud detective zachxbt reported that the hacker stole total of 91 NFTs. This included 4 BAYCs and 7 MAYCs. Also, 4 BAKCs and 1 CloneX NFT. Binance received the remaining funds. The KuCoin cryptocurrency exchange platform took the majority of the money.
The cyberattack is currently being investigated by Instagram and Yuga Labs (the company behind BAYC). It’s unknown if the victims will be compensated.
The hacker used two-factor authentication and the best security practices to secure the IG accounts. We’ve regained control of the account, and are investigating how the hacker gained access with IG’s team.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
Flipside
- Bored Ape Yacht Club boasts one of most popular NFT collections, with $1.8 Billion in revenue. trading volume. The team has been criticized by many for not investing enough time in cybersecurity.
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