Nfts

NFT Trader Loses $145,000 of BAYC to Phishing Attack

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An NFT trader recently lost over $145,000 worth of Bored Ape Yacht Club (BAYC) collectibles to a phishing attack amid the growing rate of scam schemes that have plagued the crypto scene -currencies.

On-chain security platform PeckShield drew attention to the moves in a May 9 X article.

The attack resulted in the loss of three BAYC NFTs. The incident, which began at 17:47 UTC on May 8, saw BAYC 7531 transferred from tatis.eth to the phishing account. Subsequently, the attacker moved BAYC 6736 and BAYC 2100 to the same address.

The malicious actor, identified as Pink Drainer, made off with the three BAYC NFTs at press time, selling them for a total of 48.5 ETH, or the equivalent of $145,000. Sales were made on major NFT marketplaces Seaport and Blur.

This incident follows previous reports of nefarious activity in the cryptocurrency space. In December 2023, the same group of hackers reported having stolen Chainlink (LINK) tokens worth $4.4 million.

The hackers used deceptive tactics, tricking users into authorizing transactions related to the “IncreaseAllowance” feature, resulting in losses totaling 275,700 LINK.

Notably, the fourth quarter of last year saw a prevalence of these hacks. Last October, JPEG’d, an NFT protocol, alert its community with several malicious platforms imitating its services, aiming to obtain transaction approvals before draining users of NFTs and digital assets.

Likewise, in December 2023, Flooring Protocol, a liquidity solution for NFTs, fell victim of an exploit when its peripheral or multi-call smart contract was attacked. The attacker then abandoned the stolen NFTs. In response, the protocol developers deployed a solution to address the vulnerability.

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