Otherside made millions of dollars and Scammers Too

NFT collectors at the Bored Ape Yacht Club are often the victims of phishing schemes. In phishing assaults masquerading as the Otherside NFT launch by Yuga Labs, scammers have stolen NFTs worth at least $3.7 million.

Some five websites and Twitter accounts were used to impersonate the Otherside, providing false airdrops as well as bogus NFT transactions.

Hacked NFTs from the Bored Ape Yacht Club have increased in value in recent years, making them a more attractive target for cybercriminals.

During the frenzy surrounding Yuga Labs’ Otherside NFT drop, con artists stole millions of dollars worth of valuable NFTs from unsuspecting collectors.

Scammers Steal Millions of Dollars from Bored Ape NFTs

Members of the Bored Ape Yacht Club are among the most frequent victims of phishing attacks. There were several opportunities for crypto fraudsters to profit from Yuga Labs’ Otherside NFT plunge, which earned the business about $310 million in a couple of hours on Sunday. Fraudsters capitalised on the hoopla surrounding the sale of the Bored Ape Yacht Club creator’s stock. Phishing websites imitating Otherside have stolen NFTs worth at least $3.7 million in the last few days.

About five phishing websites masquerading as Otherside in the days before the price decrease, according to crypto security company Peckshield, have been discovered. Collectors were misled into handing over money to hackers by having them register for a phoney NFT drop or APE token airdrop and then completing a transaction that granted the hackers access to empty their wallets.

Due to overwhelming demand and poorly-written smart contract code, minters jointly paid $165 million in fees for the sale of Otherside. Successful minters had to pay about $7,000 on their transaction since the network was so crowded at the time of the dump.

There have been a number of NFT collectors who have fallen for scam sites claiming gas reimbursements and more rounds of the Otherside NFT mints in recent days after the decline. Full gas refunds will be given to wallets that were KYC-verified but failed to mint.

One of the fake websites promised that registering for a refund would also add you to the Wave 2 Otherside Lands Raffle List. Another had collectors link their wallets to register for a bogus Otherside Lands raffle list, while a third merely displayed a false countdown to a fictitious mint’s first day of business.

Also Read: Crypto-Related Crime Will Be The Focus Of A New SEC Cyber Fraud Section