Dominic Kimani
Hacking and exploits targeting Bored Ape owners show no signs of slowing down this December. In yet another scam attack, a scammer has stolen Bored Ape Yacht Club non-fungible tokens worth more than $1 million from a crypto investor.
Scammers Drain 14 Bored Apes Worth Over $1M
Over the weekend, a Bored Ape owner reported losing all his fourteen Bored Ape Yacht Club NFT collections through a sophisticated scheme, which included high-level social engineering from a single owner.
Analysis of how a scammer stole 14 BAYCs worth over 852 ETH ($1.07 million) today through a month-long social engineering scam.
Here's how it happened pic.twitter.com/JJB2xSJyBQ
— Serpent (@Serpent) December 17, 2022
According to @Serpent, a renowned web3 security analyst and cyber detective, the scammer started setting up a con a month ago, pretending to be a casting director at a real film production company.
A few weeks later, the fake production company and the fake individual approached the NFT collector requesting a partnership deal. After some back-and-forth with legitimate-looking contracts, the collector fell into the trap and agreed on the deal.
How Did The Scam Happen?
The fake individual convinced the Bored Ape owner that they were interested in paying $13,000 to $17,000 to license his Bored Ape Yacht Club NFT collection and use them to make an animation film.
Later, the fake reproduction firm, through falsified emails from the fake founding director, instructed the NFT collector to use his crypto wallet to sign a contract via the fake company partner website.
Unfortunately, after the NFT collector successfully signed the contract, the scammer, through the smart contract, drained the collector’s wallet and walked away with fourteen Bored Ape Yacht Club NFTs.
After the cyber detective tracked the transaction, he found that the notorious scammer accepted the highest offers for the stolen Bored Apes and amassed 852.9 ETH. The scammer later converted the stolen ETH into DAI stablecoin, making $1,075,000 in DAI.
In a related development, scammers breached the security of Lodestar Finance, a lending platform built on layer-2 Arbitrum technology, earlier last week and disappeared with more than $6 million in a flash loan attack.
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This article was written for Business 2 Community by Dominic Kimani.
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