Hackers Loot Bored Apes Worth Millions

Hackers hijacked the Instagram page of the Bored Ape Yacht Club, redirecting users to a fake website. The NFTs allegedly stolen in this manner is worth a seven-figure sum.

Parallel to the never-ending buzz around cryptocurrencies, NFTs, which are likewise based on a blockchain, is gaining traction. NFTs, on the other hand, are not meant to reflect monetary currencies, but rather rights: Each NFT contains unique digital material, such as an image, and the "original" belongs to the NFT's owner.

Stolen Monkeys

The fact that "originals" in the digital world cannot be separated from "copies" appears to be as unimportant to technology enthusiasts as the lack of a legal foundation for such ownership. All of this, however, does not dampen the fervor: Some NFTs, such as those of the "Bored Ape Yacht Club," was purchased for six or even seven figures.

Such big sums make the related NFTs appealing to hackers, and the Bored Ape Yacht Club was recently the target of a similar attack. According to PC Gamer, the organization's Instagram account and Discord channel were also taken over.

The attacker then distributed a bogus URL that purported to deliver more NFT information. Anyone who clicked on this link and linked their account was able to transfer the stored Bored Ape NFTs to the hacker's account.

The Instagram account was secured with two-factor verification, according to the Bored Ape Yacht Club. Investigations into how the hack occurred are presently underway. There is no information on the value of the NFTs stolen in this manner, which should be difficult owing to the significant volatility. It is rumored to be in the low seven-digit range.

Recall, shoe NFTs were created and sold without Nike's consent

Some of StockX's shoe NFTs have sold for more than $1,000. The issue is that, according to Nike, the shoe NFTs sold were made without the shoe company's agreement and authority. Furthermore, Nike will not swap these NFTs for genuine shoes.

Nike has now accused StockX of utilizing Nike's brand name without a license in order to earn cash. StockX intends to compensate Nike for trademark infringement by paying earnings from unlicensed shoe NFTs.

The sale of NFTs should be halted, and all past NFTs should be turned over to Nike so that they can be destroyed. Unfortunately, because they were recorded in a blockchain, the NFTs are not destroyable. It is unclear how the court will rule on this motion.