newtech

Bored Ape Yacht Club is a Proof that Early Gain Could be a Trap

Bored ape yacht club is a proof that early gain could be a trap

Bored Ape Yacht Club

The Bored Ape Yacht Club is hacked! Investors lose millions in investments

NFT adoption has reached dominance over the past year as some of the most popular collections have grown in prominence and attracted more and more investors, artists and musicians to the NFT space. The winner among all emerging NFTs was the bored-looking monkey avatar that came with thousands of unique varieties in terms of appearance. Countless celebrities have purchased these bored monkey NFTs worth millions of dollars, including Jimmy Fallon, Serena Williams, and Justin Bieber. But no matter how popular the Bored Ape Yacht Club NFT was, there were several loopholes and conflicts between NFT artists, including filing lawsuits, and now a massive hack!

READ MORE:  Apple will lend you $5000 if you forget your wallet at home

Well, BAYC’s Instagram account has been hacked, which shows that vulnerability exists even in some of the most popular parts of this digital currency world, which could eventually lead to regret and fear of financial loss among the first investors. The BAYC NFT collection’s Instagram account was hacked on Monday. A fraudulent link was posted on his timeline that allegedly allowed scammers to steal investors’ money. In fact, according to reports, around US$3 million worth of crypto was stolen from the victims.

READ MORE:  AMD's new patent may make memory overclocking a breeze

The hacker compromised the Insta account after posting a fake airdrop link regarding the company’s upcoming Metaverse project, which is expected to launch later this week. The airdrop was intended to attack innocent NFT holders and encourage them to participate more and more in this project. The stolen assets include many NFT assets from Yuga Labs, the company backed BAYC, including Bored Ape, Mutant Ape, and Kennel Club NFT.

READ MORE:  Nasty Zyxel remote execution bug is being exploited

Well, at this point, it seems no one is safe. Crypto critics have been quite pessimistic about the existence of NFT and its dominance in the market. They call it an “artistic joke” because it’s a combination of craftsmanship and humor. The Bored Ape Yacht Club is not a real investment, according to crypto analysts. Well, that sounds like an early investor’s nightmare.

More trending stories

Share this article

Do the sharing

About the Author

More info about the author

Source link

Leave a Comment