The major hack is another in a growing list of scams hurting the crypto space and its ability to scale.
Phishing For NFTs
One of the most popular NFT projects, the Bored Ape Yacht Club (BAYC), has been hacked and millions of dollars worth of NFTs have been stolen as a result.
On April 25, the official BAYC Twitter account posted a thread detailing how its Instagram account was hacked and that the hacker posted a fraudulent link to a duplicate BAYC website for users to collect a new airdrop. Given the link was posted on through the official Instagram account, many holders clicked on the link and upon signing a ‘safeTransferFrom’ transaction, their assets were immediately swiped and sent to the hacker’s wallet.
“The IG hack resulted in 4 Apes, 6 Mutants, 3 Kennels, and some other assorted valuable NFTs being lost,” tweeted BAYC co-founder Greg Solano who goes by the Twitter handle Garga.eth. “We will be in contact with the users affected and will post a full post mortem on the attack when we can. For now I would like to stress that 2FA was enabled on the account.”
According to a piece by Coindesk’s Oliver Knight, users were asked to connect their MetaMask wallet to the hacker’s wallet for the exchange to take place. Yuga Labs and Instagram are investigating how the hack occurred and the company is looking to speak with affected users.
This is not the first hack in the space but most certainly among the more prominent. Axie Infinity’s Ronin Network saw 173,600 ETH (or approximately $25.5M USD) stolen from the Ethereum sidechain. Earlier this month, the US Federal Bureau of Investigation had linked that hack to the North Korean state run Lazarus Group.
Given the scale and impact of these hacks, it’s clear that the crypto space still need work in protecting users. These types of hacks are all too frequent and will dissuade macro adoption of a space that still operates as the Wild West.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
