A Bored Ape Yacht Club (BAYC) holder has found themselves in a very nervy situation, reportedly losing three valuable non-fungible tokens (NFTs) worth a staggering 54.8505 ETH, which is equivalent to $164,400, to a malicious actor through some phishing schemes.
The initial discovery was made when the crypto sleuth, ZachXBT uncovered the unfortunate incident. According to his findings, the Bored Ape holder fell victim to a common phishing attack, resulting in the loss of the three rare NFTs. Adding to the intrigue, a dive into the blockchain explorer Etherscan reveals that the wallet involved in the BAYC NFT transactions has a history of association with previous phishing scams. Despite these discoveries, the precise pattern of this latest phishing attack remains shrouded in mystery.
The Stolen NFTs
The stolen Bored Ape NFTs, identified as BAYC #7531, BAYC #6736, and BAYC #2100, hold significant value in the digital collectibles market. According to data from the NFT marketplace OpenSea, these NFTs are valued at 21 ETH ($62,960), 15.8505 WETH ($47,500), and 18 ETH ($54,000), respectively.
Each of the stolen artifacts boasts some unique traits that contribute to their rarity and desirability. For instance, BAYC #7531 stands out with its rare white fur trait, found in only 4% of the total 10,000 NFTs in the BAYC collection. Meanwhile, BAYC #6736 sports the coveted “small grin” trait, with a rarity of 3%. Lastly, BAYC #2100 features an eclectic mix of traits, including Bored Pizza (0.5%), tie-dye shirt (1%), girl’s short hair (2%), blindfold (3%), gold stud (4%), and pink fur (5%).
Despite the considerable value of the stolen Bored Ape NFTs, the broader market for BAYC collections has seen a notable decline in floor prices in recent months. According to The Block’s Data Dashboard, Bored Ape Yacht Club floor prices dipped to 15.09 ETH as of May 8. Nonetheless, the collection has maintained its trading momentum, racking up $13.3 million in trading volume between April 28 and May 5.
Understanding the Trail of Phishing Scams
According to the United States Federal Bureau of Investigations (FBI), phishing schemes are cunningly crafted to swindle individuals into divulging sensitive information to cybercriminals and bad actors. These scams employ spoofing techniques to mimic legitimate entities, enticing victims to take the bait unwittingly.
Crypto’s Vulnerability to Phishing
The cryptocurrency space has proven to be a significant target for phishing attacks causing substantial financial losses and affecting a considerable number of victims. In 2023 alone, such attacks resulted in losses totaling approximately $300 million, impacting a staggering 324,000 individuals. Notably, the highest reported loss from a single victim reached a staggering $24 million.
The Modus Operandi of Phishing Scammers
Phishing scammers in the crypto space employ various tactics to lure their targets into their traps. Often, they compromise legitimate project websites or social media accounts, redirecting unsuspecting users to malicious websites. Additionally, scammers may distribute fraudulent token airdrops or inundate social media platforms with comments containing nefarious links that users will engage with without knowing.
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