Top NFT project Bored Ape Yacht Club was hacked on Monday, April 25th. The hacker made away with approximately $13.7 million worth of NFTs.
Just last month, the co-founder of Ethereum made a comment about the NFT project that shocked many in the crypto ecosystem. Vitalik Buterin referred to the BAYC project as a different kind of gambling, given the risks involved in trading NFTs.
The blockchain genius also voiced his concerns about the use of crypto and NFTs for malicious activities. He said; “Crypto itself has a lot of dystopian potentials if implemented wrong.”
At the moment, the BAYC project has been hit with a huge obstacle. The Instagram and Discord accounts of the NFT project were hacked on Monday and the hacker successfully used that to his advantage.
Links were dropped on Instagram and followers of the BAYC on IG were asked to click the link provided to connect their Ethereum wallets for the upcoming mint. Unknown to many, the Instagram accounts have been hacked and several followers of the project fell prey.
According to data from OpenSea transfers, 24 Bored Apes and 30 Mutant Apes have been stolen in the process. The cumulative value of these lost assets amounts to $13.7 million.
The Bored Ape team noticed the unusual call for followers to link their wallet addresses on Instagram. Immediately, followers were notified via Twitter of the suspicious activity and were warned not to click any malicious links.
Despite the huge loss, Yuga Labs believe the value of digital assets lost in the hack is far smaller. It is presumed that most of the transfers made out of the wallet of holders of the BAYC NFT were done by users who wanted to protect their assets after being notified of the hack.