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The biggest project in the NFT PFP space has once again found itself on the receiving end of unwanted attention. For the second time in a month, the Bored Ape Yacht Club (BAYC) has seen its socials compromised, and users relieved of their assets.
Just as BAYC was gearing up to celebrate its one year anniversary, hackers came to rain on their parade, using phishing hijinks to compromise the project’s Instagram account and posting a fake mint link to a bogus website promising an Otherside land airdrop to token holders. Following which, those FOMOing in with wild abandon were consequently relieved of their non-fungible assets.
All in all, approximately 50 individual wallets took the bait, losing around 134 NFTs in total. At the last count, 4 Bored Apes, 7 Mutant Apes as well as items from throughout the NFT world disappeared into the ether-sphere. Therefore, estimating total accumulated losses at approximately $3 million.
This morning, the official BAYC Instagram account was hacked. The hacker posted a fraudulent link to a copycat of the BAYC website with a fake Airdrop, where users were prompted to sign a ‘safeTransferFrom’ transaction. This transferred their assets to the scammer’s wallet.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
The NFT market has witnessed an increase in large-scale fraudulent behaviour due to the huge volumes at stake, with several high-profile platforms seeing their projects compromised in recent times. Following BAYC’s latest experience, community members called for more security within the project. However, BAYC revealed that they already follow Instagram security best practices, including the application of two-factor authentication.
Remember, think twice, click once! Or, risk losing those assets forever.
Peruse all the erroneous transfers >> Here
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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