Latest News

Bored Ape Yacht Club (BAYC) Instagram breach has resulted in millions of dollars in stolen NFTs

On Monday, the official Instagram account of the Bored Ape Yacht Club (BAYC) was hacked to push a false phishing link that was used to steal millions of dollars in non-fungible tokens (NFTs) from victims.

The address thought to be linked to the exploit has been blocked by OpenSea, the largest NFT marketplace, but blockchain data suggest the suspicious address has interacted with the LooksRare marketplace.

According to the BAYC, the compromised account advertised a bogus airdrop on Instagram, asking users to sign a “safeTransferFrom” transaction that moved their funds to the hacker’s wallet.

The value of the heist varies, but four Bored Apes, six Mutant Apes, and three Kennels NFTs have been lost, according to BAYC cofounder Garga.eth.

Hackers used various addresses to store the stolen assets, according to a report by on-chain detective zachxbt.

Earlier this month, NFT accounts on Discord and Twitter, including the official BAYC Discord channel, were hacked to carry out identical BAYC giveaway frauds.

According to a research from Atlas VPN, NFTs were a top target for hackers in the first quarter of 2022, with 20 intrusions and roughly US$49 million in losses.

Related Posts – Elon Musk, a Dogecoin supporter, has decided not to join the Twitter board of directors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.