The famous Bored Ape Yacht Club NFT Collection has become a major NFT creator in the NFT space. Unfortunately, it is among the most expensive NFT collections in the space, making it a major target for hackers and scammers.
The latest attack on BAYC NFTs happened during the weekend and involved high levels of social engineering.
How Did The Breach Happen?
The breach which occurred recently led to the theft of 14 BAYC NFTs. The culprit utilized a high-level social engineering technique to steal the 14 NFTs.
Hackers and scammers are ready to take extraordinary steps to achieve their exploits. They are willing to put in the labor and give attention to detail to appear legit before executing their real mission to scam people.
The current level of hacks in the NFT sector offers this proof. In this particular instance, the hacker immediately liquidated the NFTs for around 850 ETH, equivalent to about $1 million.
@Serpent, a Web3 security analyst, talked about the NFT theft in a Twitter thread. According to him, the hacker who conducted the social engineering scheme disguised as a director for a studio in Los Angeles.
Although the studio is real, the alias of the hacker does not exist. Also, reports showed that the hacker used fake partnership pitches, hours of calls, and fake email addresses to perpetrate fraud.
This scheme must have taken months to create and execute. This heist portrays why cold storage of expensive NFTs is better than online platforms.
Cold storage is a safe option as it does not require interactions with contracts that could put the user at risk. @Serpent advised NFT holders to use multiple wallets to store their NFTs.
Numerous Attacks On BAYC NFTs
The sophistication of vulnerabilities and attacks continues to increase alongside the expansion of the NFT ecosystem. This was on full show over the past weekend as a clever scheme led to the theft of a significant amount of Bored Ape digital collectible.
Exploits and attacks targeting owners of Bored Ape Yacht Club NFTs are not surprising. There have been various cases of attacks in 2022. They include the numerous Discord exploits and the situation of Seth Green, a Hollywood actor, who lost his NFTs to hackers.
Meanwhile, the BAYC NFT Collection has built a huge membership community, including launching a native token, APE. Although Yuga Labs is not to blame for the recurrent attacks, users now have to pay attention to wallet security. Furthermore, these attacks are not exclusive to BAYC NFTs but also to all major NFT collections in the NFT space.
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