Bored Ape Yacht Club (BAYC) announced over Twitter on April 25 that its Instagram page had been hacked, resulting in over $2.5 million worth of NFTs stolen.
The Instagram page said that there was a mint taking place, which led to some individuals clicking links and linking wallets. A total of four Bored Apes worth about $1 million each were stolen.
The attacker posted a fraudulent link to a webpage that was a copy of the BAYC website, along with a link to a fake airdrop, which, when clicked, would transfer assets to the scammer’s wallet. The community was alerted shortly after the hack was discovered.
The owner of BAYC, Yuga Labs, said it was investigating the phishing attack and how exactly the hacker gained access when two-factor authentication was enabled. In total, four apes, six mutants, and three kennels were stolen. While there has been no word on compensation, BAYC co-founder CryptoGarga said that the victims would be contacted.
The phishing scam isn’t doing BAYC’s reputation any favors. The NFT project, which has its supporters and detractors, has been in the news and mired in controversy. It has experienced incidents of theft before, including one that took place over Discord.
NFT attacks will only increase going forward
BAYC is extremely well-known at this point, with major celebrities also getting in on purchasing pieces of the expensive collection. Recently, Madonna purchased one for $560,000, but she’s far from the only big name to get one.
The high-profile nature of these NFTs has made them a prime target for attackers, who prey on the ignorance of newer investors. NFTs have also become especially popular with the wider public, which has attracted those who may not have the knowledge and understanding of when a scam is being pulled.
It’s likely that similar attacks will continue to occur. As the market gains more adoption and more NFT projects launch at affordable prices, hackers will wait in line to launch an attack to steal assets.