The $13.5 Million Bored Ape Yacht Club Heist – How Hackers Stole NFTs

September 6, 2022

By Sharan Kaur Phillora

Immunefi’s report stated that around 150 Bored Ape Yacht Clubs NFTs were stolen. The theft of these NFTs was done through a variety of scams and hacks. The leading Web3 security firm, Immunefi, shared a report on August 30, 2022.

The report included that since the launching of the BAYC collection in June 2021, approximately 150 Bored Ape Yacht Club (BAYC) NFTs have been stolen. The worth of 143 stolen NFTs is nearly $13,582,962, caused by scams or hacks.

Here’s what we know:

The two significant hacks majorly affected the BAYC collection. The first one was in April when hackers posted a ‘phishing link’ to BAYC’s official Instagram page. When the user clicks on that link, it redirects them to a copy of the BAYC’s website and drains the victims’ ETH wallets.

In June, the hackers posted a phishing link that directed to Discord channels of BAYC and Otherside, which is an upcoming metaverse “game” developed by Yuga Labs.

According to the data collected and analyzed by OpenSea, only nine BAYC NFTs were delisted for suspicious activity, which means the 134 Apes are still frozen or may no longer be traded on the platform. Alejandro Muñoz-McDonald, a software engineer at Immunefi, said, “These days, the marketplaces are not in control. People can still transfer stolen assets to another account and sell them on decentralized marketplaces where blacklisting features aren’t available.”

Furthermore, the Bored Ape also revealed suspicious activity on OpenSea’s platform. It showed that the platform sold around 194 ETH, which was worth approx. $267,914 in Immunefi’s August’s early report.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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