Hackers Exploit BAYC Instagram Page, Nab $3M NFTs

Hackers Exploit BAYC Instagram Page, Nab $3M NFTs
  • Hackers gained access to the Instagram page of Bored Ape Yacht Club on Monday and nab up to $3M.
  • A fraudulent link stating that users could mint “land” in OthersideMeta was posted in the Instagram page.
  • Yuga Labs and Instagram are still investigating the hack.

Hackers have broken through the official Instagram page of Bored Ape Yacht Club (BAYC) on Monday. Consequently, the perpetrators used the Instagram page to steal digital assets amounting to $3 million.

The BAYC official Twitter page shared a tweet warning users about the incident.

Yuga Labs LLC, creators of the Bored Ape Yacht Club collection, disclosed that hackers had obtained access to the Instagram page and shared a post incorporated with a fraudulent link. The fraudulent link stated that users could mint “land” in the upcoming OthersideMeta, which will launch this week.

The post prompted the followers to click the fraudulent link. However, users were sent through a malicious website that deceived them into sending their NFTs to the hackers’ digital wallet.

“Two-factor authentication was enabled and the security practices surrounding the IG account were tight. Yuga Labs and Instagram are currently investigating how the hacker was able to gain access to the account. We’re still investigating,” Yuga Labs announced in a statement.

The hackers stole four NFTs from the Bored Ape Yacht Club, 6 Mutant Apes, and 3 Bored Ape Kennel Club collections. As of now, the hacker has siphoned a total of 91 NFTs along with other assorted NFTs.

Furthermore, the company stated that they first alerted users to the breach at 9:53 AM EDT. At the same time, Yuga Labs said they “removed all links to Instagram from our platforms and attempted to recover the hacked Instagram account.”

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.