The Bored Ape Yacht Club (BAYC) Instagram page was hacked, with the perpetrator uploading a phishing link. The theft of more than $2.5 million in NFTs was the outcome of the attack.
The Bored Ape Yacht Club (BAYC) has made an announcement. His Instagram feed was hacked on April 25 on Twitter, culminating in the loss of more than $2.5 million in NFTs.
The Instagram feed announced a mint, prompting some users to click on the link and link their wallets. A total of four tough apes, valued at almost $1 million, were taken.
The fraudster placed a bogus link on a webpage that led to a phoney airdrop that looked exactly like the BAYC website and, when clicked, sent the funds to the scammer’s wallet. Soon after the breach was found, the community was notified.
Yug Labs’ owner, BAYC, said it was looking into the phishing assault and how the hacker got access while two-factor authentication was turned on. Four apes, six mutants, and three kennels were taken in all. While no compensation has been announced, BAYC co-founder KryptoGarge stated that victims will be contacted.
BAYC’s credibility is being tarnished by the phishing fraud. The NFT initiative, which has both admirers and detractors, has been in the press and has sparked debate. It has previously been the victim of theft, including a scuffle.
NFT assaults are only going to get worse.
At this moment, BAYC is quite well-known, with even prominent celebrities purchasing pricey collection pieces. Madonna just purchased one for $560,000, but she’s far from the only famous figure who can afford one.
Because of their high visibility, these NFTs have become a major target for attackers looking to take advantage of new investors’ naivety. NFTs have also grown in popularity among the general population, attracting those who lack the information and awareness to recognise when a scam is being perpetrated.
Similar attacks are expected to occur in the future. Hackers will line up to begin assaults to steal assets as the industry grows in acceptance and more NFT projects debut at accessible pricing.