Bored Ape Yacht Club is a Proof that Early Gain Could be a Trap

Bored Ape Yacht Club

The Bored Ape Yacht Club is hacked! Investors lose millions of worth of investment

NFT adoption reached a mainstream position last year as some of the most popular collections rose to prominence and attracted more and more investors, artists, and musicians to the NFT domain. The winner among all the emerging NFTs was the bored-looking ape avatar that came with thousands of unique varieties in terms of appearance. Countless celebrities bought these bored-looking ape NFTs worth millions of dollars, including Jimmy Fallon, Serena Williams, and Justin Bieber. But no matter how popular the Bored Ape Yacht Club NFT got, there were several shortcomings, and conflicts among the NFT artists, including law-suit filing, and now a massive hack!

Well, the BAYC’s Instagram account was hacked, which shows that vulnerability exists even in some of the most popular parts of this digital currency world which might eventually lead to regret and fear of financial loss among early investors. The Instagram account of the BAYC NFT collection was hacked on Monday. A scam link was posted on its timeline that would have enabled scammers to steal the investors’ money. In fact, according to reports, approximately US$3 million worth of crypto was stolen from the victims.

The hacker compromised the Insta account after posting about a fake airdrop link regarding the company’s upcoming metaverse project, which is due to launch later this week. The airdrop was aimed to attack innocent NFT holders and encourage them to participate more and more in this project. The stolen assets include numerous NFT assets from Yuga Labs, the firm supported BAYC, including Bored Ape, Mutant Ape, and Kennel Club NFTs.

Well, at this point it seems like no one is safe. Crypto critics have been quite pessimistic about the NFT’s existence and its dominance in the market. They call it an ‘artistic joke’ as it is a combination of craft and humour. The Bored Ape Yacht Club is not a real investment, according to crypto analysts. Well, it does seem like a nightmare for an early investor.

 

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