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Social media exploited for hacking Bored Ape

Social media exploited for hacking Bored Ape
Written by Arindam
Social media exploited for hacking Bored Ape

Scammers exploit a weakness in the design of their blockchain to break into the networks of crypto-related firms. However, the recent hacking of the popular NFT collection Bored Ape Yacht Club used a different approach. Due to this, firms related to crypto and NFT need to be cautious.

At least 54 BAYC NFTs were stolen by hacking BAYC’s Instagram account and Discord server. It has caused a loss of about $ 137 million. Yuga Labs, the owner of BAYC, and Instagram have started an investigation. A BAYC spokesperson said, “The hacker posted a fake link to a website that looked like Bored Ape Yacht Club. Users were later asked to connect their MetaMask to the scammer’s wallet in order to participate in a fake airdrop.” had gone.” After the hack was discovered, BAYC alerted its community and removed all links from Instagram and its platforms. Apart from this, BAYC has also prohibited the creation of NFT on behalf of the users. In this case, the users who clicked on the fake Airdrop link have become the target. The stolen NFTs have been transferred to the wallet address of the hackers. The BAYC NFT Project is 10,000 algorithm-generated cartoon illustrations of monkeys and they are all different. Prices of BAYC NFTs had risen by over 25 per cent in March.

The NFTs in this collection are quite popular among celebrities. In February, Justin Bieber bought a new NFT from BAYC for $470,000. Apart from this, Paris Hilton, Jimmy Fallon and Gwyneth Paltrow also have BAYC NFTs.

This hacking is indicating a way of making social media a medium for crypto and NFT scams. Ronghui Gu, chief executive officer of blockchain security firm CertiK, said that apart from Instagram, Twitter, Facebook and Telegram are also being used for such hacking. “We have seen an increase in hacking attacks in the blockchain industry and in Web3, and many of these are new types of attacks,” he said. Crypto firms are suffering huge losses due to this and pressure is also increasing on them to increase the security of their networks.

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Arindam

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