Bored Ape Yacht Club NFTs Hack in Instagram phishing attack

The first anniversary of BAYC's launch led many users to believe that the link was authentic. 

Bored Ape Yacht Club NFTs Hack in Instagram phishing attack

Bored Ape Yacht Club (BAYC) developers on Monday said, hackers, hack the popular NFT collection's official Instagram account and shared links to a fake airdrop with the project's followers. 

Crypto enthusiasts who connected their MetaMask wallets to the scam website were drained of their Ape NFTs it appears that the attack was aimed to coincide with first anniversary of the launch of the BAYC collection, thus increasing the "perceived credibility" of the phishing link

According to CoinGecko data, Social media indicate that approx 100 NFTs were stolen during this attack. the floor price of each BAYC NFT is approx 139 Ether (ETH) or $400,726. more than $40 million worth of assets have been lost in the attack the numbers may only represent the lower end of the estimate it's based on floor price.

Hackers gained access to BAYC's official Instagram page. while social media users point out the importance of two-factor authentication as an effective deterrent against unauthorized log-ins others say that such methods are not foolproof and can be compromised via a SIM-card swap

Read: Biggest NFT Collection Bored Ape Yacht Club's Discord server get hacked