NFT Collection Bored Ape Loses $2.8 Million Worth of NFT to Hackers

Bored Ape Yacht Club (BAYC) has become the latest NFT-based platform to suffer a hack. The platform announced that the incident occurred on Monday on its Instagram account. BAYC is run by the cryptocurrency company Yuga Labs.

$2.8 Million Worth Of NFTs Stolen

The hacker made away with 91 NFTs worth $2.8 million from users who wanted to receive the fake airdrop through their wallets. “Do not mint anything, click links, or link your wallet to anything,” Bored Ape Yacht Club tweeted.

The hackers accessed the Instagram account to post a fake update and claimed there was a LAND airdrop. This lured users to link their wallets to claim the airdrop. However, when the users linked their wallets to receive the airdrops, the hackers stole their NFTs on the wallet.

The stolen items include three Bored Ape Kennel Club NFTs, six Mutant Apes, and Four Bored Apes. The first two are official derivatives projects. Additionally, the hackers stole items from up-and-coming collections such as Toxic, Skull Club, EightBit, Alien Fren, and others.

Co-founder of Bored Ape Garga tweeted that the platform will make contact with the affected users and post full detail and analysis of the attack when the investigation is complete. However, it asked all users to enable two-factor authentication (2FA) on their accounts to prevent further infiltration and exposure.

Although there were reports that there were over 50 Mutant Apes and Bored Apes on the platform, Garga said they were only 10.

NFT Platforms Get Exposed Again

The attack on BAYC is another example that hackers are increasingly targeting NFT-based platforms, which have suffered the most losses since the beginning of the year. This is also not the first time a BAYC-related platform was hacked this year. Before now, a similar phishing attempt was made on Bored Ape’s Discord server. However, the attacker was not entirely successful as they only stole one Mutant App.

The recent incident is one of many other phishing attacks on NFT marketplaces since the beginning of the year.