Grand Theft NFT

The Latest Hack on the Bored Ape Yacht Club (BAYC)

The organization behind CryptoPunks, Mutant Ape Yacht Club, and Bored Ape Yacht Club announced that millions of dollars worth of NFTs were stolen from its server by hackers.
This hack came after a security flaw on discord that allowed hackers to access the NFTs and defraud the members.

On Saturday, several Twitter users revealed that Bored Ape’s Community’s security had been compromised. Yuga Labs later confirmed the allegations. According to Luga labs, they then took over the Bored Ape and Otherside Discord channels, where they declared an exclusive giveaway and posted a link to a fraudulent phishing site.

Unlucky community members geared to take advantage of this unexpected sudden drop. only for the scammers to get away with over 200 ETH (KShs 42,008,400) worth of NFTs in the form of one Bored Ape and two Mutant Apes before anyone recognized what was going on. In addition, the attackers took 145 ETH (Kshs 30,339,400) in bitcoin.

Proper permissions can prevent this,’ according to Twitter handle NFTherder, echoing the sentiments of many others who are beginning to wonder what actions can combat these thefts. With millions of dollars and thousands of hours being invested in Initial Coin Offerings and other blockchain-related projects, it is no longer enough to chalk these hacks up to misfortune and encourage people to be more vigilant.

Three scams have hit the NFT community in the past two months. In early April, hackers used a UI exploit and OpenSea bug to launch a fake Otherside account on the secondary marketplace in the run-up to the highly-anticipated land sale. Later in April, hackers stole KShs300 million worth of NFTs, including Bored Apes, Mutant Apes, and Kennel Clubs. In an audacious phishing attack, scammers broke into the BAYC Instagram account and advertised another fake land drop. Users were prompted to sign a ‘safeTransferFrom’ transaction and effectively transferred their cherished and expensive NFTs to someone else for free.

In some cases, there are steps that people can take to reduce their chances of falling victim to cyber crimes. Basic checks include judging whether or not you are dealing with a scam token and using any methods to take from you what is yours. DappRadar also has a guide here to staying safe with crypto. There is also a shift in mindset that we can all make so that thieves do not have such an easy time when they prey on victims. We need to stop believing in the myth that decentralization has the power to solve all of the world’s modern problems and start viewing it as a useful technology that has beneficial utility.

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