The bored apes Instagram hack results in the theft of millions of NFTs

On Monday, the official Instagram page of Bored Ape Yacht Club (BAYC) was hacked to advertise a false phishing link intended to defraud victims of millions of dollars in non-fungible tokens (NFTs).

Although OpenSea, the biggest NFT marketplace, has blocked the address suspected of being linked with the exploit, blockchain data indicate the suspect address has connected with the LooksRare marketplace.

According to the BAYC, the compromised account promoted a phoney airdrop on Instagram, prompting users to sign a “safeTransferFrom” transaction that moved their funds to the hacker’s wallet.

The heist’s estimated worth varies, however according to BAYC cofounder Garga.eth, four Bored Apes, six Mutant Apes, and three Kennels NFTs were stolen.

According to a study by on-chain investigator zachxbt, hackers stored the stolen funds using many addresses.

Earlier this month, NFT Discord and Twitter accounts, including the official BAYC Discord channel, were hacked to conduct identical BAYC giveaway frauds.

According to research from Atlas VPN, NFTs were a top target for hackers in the first quarter of 2022, with 20 intrusions and roughly US$49 million in damages.

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