NFTs from Bored Ape Yacht Club stolen in Instagram phishing attack

The phishing attack coincided with BAYC’s first anniversary, prompting many users to think the link was genuine.

Hackers attacked the famous nonfungible token (NFT) collection’s official Instagram page on Monday, according to Bored Ape Yacht Club (BAYC) developers, and posted links to a false airdrop with the project’s followers.

Crypto enthusiasts who linked their MetaMask wallets to the fake website had their Ape NFTs snatched away. The hack seems to have been scheduled to align with the first anniversary of the BAYC collection’s launch, enhancing the hacking link’s “perceived credibility.”

As per unproven sources on social media, the malicious attack resulted in the theft of around 100 NFTs. According to the data, the floor price of each BAYC NFT is about 139 ethers (ETH), or $400,725. If the reports are correct, the attack led to the loss of more than $40 million in assets. However, because the figures are based on the floor price, they may only indicate the lower end of the estimate.

It is currently unknown how hackers got into BAYC’s official Instagram account. Although some social media users highlight the necessity of two-factor authentication as a disincentive to unauthorized log-ins, some argue that such measures are not reliable and can be defeated by a SIM-card switch.

BAYC has developed to become one of the most popular NFT collections in the crypto world, with sales exceeding $1 billion in 2021. The supply of NFTs in the collection is set at 10,000. In the last 30 days, more than 38,748 ETH worth of apes were traded on OpenSea.