An NFT trader recently fell victim to a phishing attack, losing over $145,000 worth of Bored Ape Yacht Club (BAYC) collectibles. This incident sheds light on the increasing prevalence of scams in the cryptocurrency world.
The movements were highlighted by on-chain security platform PeckShield in a post on May 9.
The attack resulted in the loss of three BAYC NFTs. It began at 17:47 UTC on May 8, with BAYC 7531 being transferred from tatis.eth to the phishing account. The attacker then moved BAYC 6736 and BAYC 2100 to the same address.
The perpetrator, known as Pink Drainer, has since disappeared with the three BAYC NFTs, selling them for a total of 48.5 ETH, equivalent to $145,000. The sales were conducted on prominent NFT marketplaces Seaport and Blur.
This incident follows previous reports of illicit activities in the cryptocurrency realm. In December 2023, the same hacker group was responsible for stealing Chainlink (LINK) tokens worth $4.4 million.
The hackers employed deceptive tactics, persuading users to authorize transactions linked to the “IncreaseAllowance” function, resulting in losses totaling 275,700 LINK.
The final quarter of last year saw a surge in these types of attacks. In October, JPEG’d, an NFT protocol, warned its community about several fraudulent platforms impersonating its services, aiming to gain transaction approvals before siphoning users’ NFTs and digital assets.
Likewise, in December 2023, Flooring Protocol, a liquidity solution for NFTs, fell victim to an exploit when its peripheral or multi-call smart contract was targeted. The attacker subsequently offloaded stolen NFTs. In response, the protocol’s developers implemented a solution to address the vulnerability.
Summary Review: The recent phishing attack on an NFT trader resulting in the loss of $145,000 worth of Bored Ape Yacht Club (BAYC) collectibles underscores the escalating threat of scams within the cryptocurrency space. This incident serves as a stark reminder for users to remain vigilant and employ robust security measures when engaging in NFT trading and other crypto-related activities. Furthermore, the actions of Pink Drainer, the perpetrator behind the attack, highlight the ongoing challenges faced by the crypto community in combating malicious actors. The prevalence of such scams, as evidenced by previous incidents involving Chainlink (LINK) tokens and other NFT protocols, emphasizes the importance of proactive measures to safeguard digital assets and prevent unauthorized access. As the crypto landscape continues to evolve, it is imperative for users to exercise caution and stay informed about potential security risks. By staying vigilant and adopting best practices in cybersecurity, individuals can mitigate the risk of falling victim to phishing attacks and other fraudulent activities in the digital asset ecosystem.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
