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Bored Ape Yacht Club NFTs stolen through phishing on Instagram

 


Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop.


Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link.


About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price. 



At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-factor authentication for account protection. Users who responded to these statements said that this method is also not completely secure and accounts can still be hacked through something called SIM swapping .


BAYC has become one of the most popular NFT collections in the crypto space, generating over $1 billion in revenue in 2021. The collection is limited to 10,000 NFTs. In the last 30 days, Apes worth more than 38,748 ETH have been traded on OpenSea . 

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