Bored Ape Yacht Club Social Media Accounts Hacked
Bored Ape Yacht Club is a successful NFT project, but has experienced cybersecurity flaws that continue to mire the decentralised finance space.
Bored Ape Yacht Club, through its Twitter handle, @BoredApeYC tweeted that there would not be any kind of minting on Monday, April 25, 2022. Representatives of the project asked holders not to mint, click or link their wallets to anything related to the Bored Ape Yacht Club project. This came after the project's Discord server and Instagram accounts were hacked due to a mint link sent out to followers of the digital collectibles by third parties.
Why does it matter?
Through its partnership with Animoca Brands, Bored Ape Yacht Club will be launching its metaverse called "Otherside" on Saturday, April 30, 2022. With such an opportunity in sight, the hackers sent fraudulent links to users that they could "mint land" in BAYCs metaverse on or after the launch of the Otherside.
Users who were unlucky and clicked on this fraudulent link have seen their wallets compromised. What’s more, a series of Mutant Ape Yacht Club (MAYC) and Bored Ape NFTs have been transferred to the new wallets held by the hackers.
Based on the OpenSea transfers, it is estimated that around 30 Mutant Apes and 24 Bored Apes have been stolen.
This has a value of some $13.7 million, based on the floor prices of the 54 NFTs.
This number may have been inflated by holders transferring some of their Mutant Apes and Bored Apes for security reasons.
As of writing, Instagram and the company behind BAYC and MAYC, Yuga Labs, are still trying to determine how such a secured project was finally compromised.
What's happening at the Bored Ape Yacht Club?
Bored Ape Yacht Club is the third-most successful NFT project based on sales volume after Crypto Punks and Axie Infinity.
With more than $1.8 billion in sales, BAYC is followed closely in fourth place by its sister project, the Mutant Ape Yacht Club (MAYC), which has raked in more than $1.3 billion in sales.
ApeCoin, seen as the native asset behind the Bored Apes project, is airdropping 150 million APEs to Mutant Ape and BAYC holders.
Users stand a chance of claiming up to 10,950 APEs if they hold BAYC. Users who hold the Mutant Ape Yacht Club also stand a chance of claiming 2,042 APEs.
Bored Ape Yacht Club is a non-fungible token (NFT) collection of 10,000 unique bored apes that live in the blockchain of Ethereum.
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Author: Raphael Darkwah
Raphael Darkwah/ Albert Zuhnden (preferred pen name) is a crypto finance expert who has covered several projects since taking a stake in Bitcoin in 2016. He has covered NFTs, decentralized finance, decentralized cloud storage networks, stablecoins, and several blockchain projects. He believes blockchain technology could revolutionize the world of work and money.