BAYC 9012

Steven Galanis, the CEO, and co-founder of popular video-sharing app Cameo has just been hacked. The attackers made off with $231,000 in crypto and NFTs.

What was Stolen?

The CEO of Cameo, Steven Galanis, revealed in a series of Tweets that he had been hacked. Attackers compromised his iCloud account, leading to more than $200,000 in crypto and NFT being stolen. The CEO reached out to OpenSea asking for his account to be locked but by that time, the attackers had already made off with the funds.

The most valuable item stolen was a Bored Ape Yacht Club NFT, #9012 to be exact. It had been purchased by Galanis earlier in the year for $319,000, however, the attackers sold it for just 77 WETH ($130,000). In addition to the BAYC NFT, the attackers also made off with over 9,000 ApeCoin ($APE), 3 virtual land plots on Otherside, 2 Captains Club NFTs, and 1 Phanta Bear NFT.  In total, the digital assets would have been worth around $231,000.

The Hack

While Galanis had said that he was using MetaMask on iPhone, he offered few details on how the attacker managed to gain access to his account.

However, earlier in the year it was revealed that MetaMask on iPhone had a glaring security flaw; the seed phrase (the 12-word metronomic) linked to a wallet would get backed up to whichever iCloud was linked to the device.As a seed phrase can be used to restore a wallet to any device, this presents a clear weak spot that hackers can use to empty a MetaMask wallet of everything it contains.

metamask site

With MetaMask on iPhone being one of the most popular hot wallets on the market, it’s clear that the aforementioned security flaw could prove to be a large issue.

The number of hacks in the crypto industry seems to be ramping up so it’s ever-more important to ensure your funds are protected. This means ensuring that all accounts linked to an individual have strong, unique passwords. For high-value items or long-term holds, it’s advisable to familiarize yourself with the best crypto cold wallets, as they offer far greater protection than a hot wallet.

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