BAYC Instagram Account Hack

The phishing attempt occurred on the first anniversary of BAYC’s establishment, leading many users to believe the link was legitimate.

On Monday, hackers gained access to the official Instagram page of the famous nonfungible token (NFT) collection. They uploaded links to a fake airdrop with the project’s followers, according to the creators of Bored Ape Yacht Club (BAYC).

Ape NFTs were later stolen from crypto enthusiasts who had linked their MetaMask wallets to the fraudulent website. Given that BAYC launched a year ago, this phishing attempt may have been planned to coincide with BAYC’s first anniversary.

According to unconfirmed social media sources, the phishing attempt resulted in the theft of 100 NFTs. Each BAYC NFT has a floor price of about 139 ETH or $400,726, according to CoinGecko statistics. Thus, if the allegations are true, the assault resulted in the loss of more than $40 million in assets. However, since the data is based on the floor price, it may only reflect the lower end of the estimate.

Bored Ape Ineffective Two Factor Authentication

It is unknown how hackers gained access to BAYC’s official Instagram account at the time of publication. Others believe that two-factor authentication is ineffective and may be hacked through SIM card swaps, despite social media users emphasizing the need for two-factor authentication as an effective barrier against unauthorized log-ins.

BAYC has grown to become the most popular NFT collection in the crypto realm, with sales exceeding $1 billion in 2021. However, the collection is limited to 10,000 NFTs. Apes worth more than 38,748 ETH were exchanged on OpenSea in the last 30 days.

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