A hacking effort that took place on Saturday and was connected to the cryptocurrency company resulted in the theft of a total of $360,000 worth of NFTs from the server that was used by Yuga Labs (200 ETH). The Bored Ape Yacht Club is the name of one of the most well-known NFT series produced by Yuga Labs.
Tweets sent by Yuga Labs reveal that their Discord server has been compromised and that the company is doing more research into the matter.
NFTherder, a user on Twitter, states that the value of the NFTs that were recovered, which totaled 145 Ethereum (ETH), was the whole value of the NFTs that were stolen. The person was determined to have access to four separate bitcoin wallets, which allowed for the recovery of the missing bitcoins.
Boris Vagner, a member of the BAYC team, had his Discord account stolen so that phishing URLs could be sent throughout the official BAYC and Otherside channels. Phishing websites were linked in the email that was sent to users of BAYC under the false pretext that it originated from Vagner’s account. Anyone who opened the email, which included the link, was allowed to get a significant benefit.
In reaction to the news item, the official BAYC Twitter account stated, “As a reminder, we do not provide surprise mints or freebies.” Those users whose accounts had been compromised as a result of the attack were provided with an email address to which they should respond. Because of the attack, consumers whose possessions were stolen have not yet been compensated for the losses they incurred as a result of the damage.
There have been three separate incidents in which Yuga Labs accounts have been breached. In April, a cyberattack that was quite similar to the current one was carried out by a hacker who remains anonymous. A hacked account from BAYC was used by the hacker to create a bogus account on Instagram, which was then connected to the original fake account. The hacker exploited a cloned version of the platform’s website, which can be seen at this URL, to steal Ethereum from the wallets of platform users. At the beginning of that month, a phishing link was posted on the project’s Discord channel, which led to the theft of the Mutant Ape Yacht Club #8662 token.
Since the beginning of 2021, consumer protection data gathered by the Federal Trade Commission (FTC) reveals that more than one billion dollars worth of cryptocurrency has been lost as a result of fraudulent schemes. 575 million dollars worth of the total one billion dollars’ worth of losses were incurred as a direct consequence of fraudulent activities, the majority of which included investment fraud.