Just one of the stolen Apes was worth over $350,000.
was the most valuable of all, sold three months ago for 123 ETH — meaning that collectively the total value of the four stolen Apes is just over $1 million.
It is not known yet how the hacker was able to compromise the project’s Instagram account. In a statement sent tothat two-factor authentication was enabled at the time of the attack and that the security of the Instagram account followed best practices. Yuga Labs also said that the team was actively working to establish contact with affected users.
Though NFTs can be bought and sold for huge sums of money, they are often held in smartphone wallets rather than more secure environments because the popular decentralized crypto wallet application MetaMask. It also encourages users to manage NFTs through the smartphone app rather than the browser-based extension. This means that the use of Instagram to deliver a phishing link is an effective way to steal NFTs, as the phishing link is more likely to be interacted with from a mobile wallet.
While security advice in the crypto space suggests NFT holders never connect their wallet to an unknown or untrusted third party, the fact that the phishing link was sent through the official BAYC social media account likely convinced the victims that it was legitimate, raising difficult questions about where exactly the fault lies.asking whether victims of the hack would be compensated by the project for their losses.Subscribe to get the best Verge-approved tech deals of the week.
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