Bored Ape Yacht Club has been hacked

Bored Ape Yacht Club, a popular collection of non-fungible tokens, is hacked and owners of the valuable simian NFTs lose millions.

Say that NFT have begun to stir up controversy in the gaming world would be an understatement. Some people see technology as an opportunity to make money while others see it as another form of monetization that will only hurt the industry and gamers’ wallets. Even top gaming companies have spoken out strongly on both sides of the debate, with Konami selling commemorative NFTs to celebrate the anniversary of Castlevania and Yooka-Laylee developer Playtonic issued a statement against the technology.

GAMER VIDEO OF THE DAY

One of the most important NFT collections is called Bored Ape Yacht Club, or simply Bored Ape. Launched in April 2021, the collection consists of 10,000 unique digital avatars built on the Ethereum blockchain. In the year since its introduction, many celebrities like Stephen Curry, Jimmy Fallon, Gwyneth Paltrow, and Eminem have purchased some of the monkey avatars and shared their acquisitions on Instagram. Bored Ape has also launched two other collections, Bored Ape Kennel Club and Mutant Ape, which are significantly cheaper.

RELATED: Blizzard President Ends NFT Worries

Ironically, Instagram happens to be one of the apparent weaknesses of Bored Ape and non-fungible technology in general. On April 25, one or more hackers managed to gain access to Bored Ape’s Instagram account and posted a link promising free land allotment in an upcoming Bored Ape MMORPG metaverse called Other side. This wasn’t necessarily suspicious behavior as Bored Ape gave away free Mutant Ape NFTs when this collection launched in August 2021. Alas, the Instagram link was just a phishing scam, and people who clicked on it unwittingly and connected their crypto wallets had their Bored Ape NFT stolen.


Bored Ape immediately removed all links to Instagram from its platforms; OpenSea, the largest NFT marketplace, has put a “suspicious activity” tag on the stolen monkeys. This didn’t bother the hacker, however, as he simply went to another market and has already started selling the loot. According to Bored Ape, the Instagram hacker got away with a total of 13 NFTs. Others estimate the number to be closer to 50 or even 100, including Bored Ape, Bored Ape Kennel Club, and Mutant Ape NFT. Due to the uncertainty surrounding the numbers, it is estimated that the pirate got away with loot worth between $2.57 million and $13.7 million, or even more.


Being contained only in a digital space makes NFT and the cryptocurrency particularly vulnerable to hackers. Last month, an NFT game called Axie Infinity fell victim to one of the biggest decentralized financial hacks to date when a group of hackers stole $625 million from Ronin Network, the Ethereum-linked blockchain platform on which the game was founded. The vulnerability of NFTs in general makes even proponents of the technology uncertain. With companies like Ubisoft promising more NFT games in the future, gamers should be aware of the technology’s potential strengths and weaknesses before investing large sums.


MORE: Ubisoft’s NFT Initiative Crashes and Burns Is Best-Case Case-Scenario

Sources: CNET, CoinDesk


Split image of Cupid from Valentine and Slender Man from Slender Man

5 Worst Horror Movie Villains

Read more


About the Author

Leave a Reply

Your email address will not be published.