July 3, 2022

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US$3 million in NFTs stolen because of Bored Ape Yacht Membership Instagram hack

One other day, one other crypto rip-off. This time, nonetheless, the targets have been the US$5 billion-valued Bored Ape Yacht Membership (BAYC) and holders of its NFT apes.

On Monday, the Bored Ape Yacht Membership’s official Twitter account introduced that the corporate’s Instagram account was hacked.

“There is no mint going on today,” tweeted the BAYC account. “It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything.”

However, the warning seems to have come too late. Whoever hacked the BAYC Instagram had quickly used the access to their advantage. The BAYC Instagram shared a link directing Bored Ape buyers to a hyperlink the place they might ostensibly join their crypto pockets and gather an unique freebie for BAYC holders solely.

In reality, that link sucked their ape-NFT-holding-wallets dry. According to Web3 Is Going Great creator Molly White, roughly 44 individuals fell for the rip-off, leading to 133 NFTs being stolen from their house owners.

Blockchain investigator @zachxbt dug into the wall hacker’s pockets tackle and located that 4 Bored Apes, 7 Mutant Apes, and three Bored Ape Kennel Membership NFTs have been among the highly-valued NFTs stolen. These stolen NFTs are estimated to be value round US$3 million primarily based on earlier aftermarket gross sales.

It appears that the thief is already selling the stolen non-fungible tokens on the NFT aftermarket as well. According to Molly White, 23 of the stolen NFTs have bought up to now for a complete of round US$2.4 million.

It’s unclear how the BAYC Instagram account was hacked. In a statement provided to Vice, BAYC owner Yuga Labs claimed that two-factor authentication was enabled on the Instagram account, a safety measure that ought to have made unauthorized entry to the account extraordinarily tough.

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