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Bored Ape Yacht Club is on the verge of another hack. Developers warn of an impending scam through the project’s Twitter. It seems that they have reason to believe a hacker is working to seize control of the account and conduct another phishing scam through the project’s official channels. The news marks the continuation of an ongoing struggle for developers to mitigate hacks on the project.
Gordon Goner, a co-founder of the Bored Ape collection, says a scam is likely on the way through Twitter. Goner warns that a bad actor is trying to seize control of the official Bored Ape account, likely to conduct a phishing scam. Through the official account, a hacker could create a realistic-looking post, promising users things like free non-fungible tokens (NFTs) by following links. These links convince investors to attach their crypto wallets, which they can then drain assets from before fleeing.
The founders appear resigned to the hack because, as they allege, the attack on the account is happening using an insider source from Twitter (NYSE:TWTR). As such, Goner is simply warning investors to stay diligent. He says the project will never mint new Ape tokens. So, any post claiming to do so — even through official channels — should be taken with a grain of salt.
Bored Ape News Continues Disorder for Leading NFT Project
Today’s news might not seem so terrible on its own. But, it is a concerning event for a community that has been targeted relentlessly throughout 2022. This new vulnerability simply adds to a laundry list of other hacks, the most recent of which occurred only a week ago.
Last week, the project suffered from one of its costliest hacks in recent memory. A bad actor was able to take control of a community manager’s Discord account. They used the account to spread a phishing link around the platform. The link took investors to a fake website, where some connected their wallets. Ultimately, this hacker was able to take $360,000 in NFTs from the victims.
That Discord hack was the second hack on the platform this year. The first was a hack in April which didn’t result in any assets stolen. After this most recent attack, Bored Ape developers have criticized the platform for not being secure enough. However, the comment is receiving backlash from others who point out that the developers have not taken proper measures to secure the community themselves.
These hacks don’t hold a candle to the Instagram hack of late April. After seizing control of the Bored Ape Instagram page, a hacker conducted the largest scam in the history of the project. They stole a whopping 91 NFTs through a phishing scam; the haul was worth over $1.3 million at the time.
Today’s news makes for the third Bored Ape social media channel hacked in three months. Of course, the project has a target on its back as one of the largest NFT collections on the market. But, this trend should be concerning to investors who should reasonably expect developers to take better measures to secure their official channels.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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