The Instagram page of the Bored Ape Yacht Club was hacked, with the attacker sending out phishing links. The theft resulted in the loss of more than $2.5 million worth of NFTs.
What happened?
The Instagram post stated there was a mint, and some people subsequently clicked on links or linked wallets. Four Bored Apes worth $1 million each were stolen.
The attacker posted a fraudulent link to a fake site that was a copy of the BAYC website and also a link to a fake airdrop, which, when clicked, transferred funds to the attacker's wallet. The alert got out immediately in the area.
The NFT project hasn't done the BAYC any favors. The phishing scam has caused several issues, including an incidence of theft over Discord.
NFT attacks suspected of continuing
To achieve widespread recognition, high-profile individuals have put their face to the brand and invested significant sums of money in obtaining substantial pieces of the ultra-valuable collection. Madonna just managed to get one of these expensive sets for $560,000.
Among the most high-profile factors of blockchain technologies has been the gullibility of less tech-savvy investors; as investment has grown more popular, attackers have gathered on the ignorance.
The NFT market has become particularly popular due to the rising profile of the technology, which has made fraud easier to carry out.
Similar attacks will likely continue to occur.
