Yuga Labs, the creator of Bored Ape Yacht Club, a popular nonfungible token collection, has disclosed an Instagram breach by the hackers and used the page to steal digital assets estimated to be worth about $3 million.
The Bored Ape Yacht Club is one of the most popular NFT collections on the market. The collection reportedly comprises 10,000 NFTs based on the Ethereum blockchain. Yuga Labs received a $4 billion valuation earlier this year after raising $450 million in funding from a group of investors.
Two-factor authentication was enabled and the security practices surrounding the IG account were tight. Yuga Labs and Instagram are currently investigating how the hacker was able to gain access to the account. We’re still investigating.Yuga labs statement
Hackers had gained access to the Instagram page for the Bored Ape Yacht Club collection and shared a post containing a malicious link. The post led users to believe that clicking the link would allow them to participate in an airdrop, the term for an event where NFTs are distributed to participants. Users were instead directed to a malicious website that tricked them into sending their NFTs to a digital wallet controlled by the hackers.
Hackers had stolen four NFTs from the Bored Ape Yacht Club collection, as well as nine NFTs from two other NFT collections managed by Yuga Labs. There are also “assorted other NFTs” among the stolen digital assets, the company said.
Yuga Labs removed all links to Instagram from our platforms and attempted to recover the hacked Instagram account.