NFT Theft Costs a Taiwanese Superstar $550,000

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NFT Theft Costs a Taiwanese Superstar $550,000

NFT Theft Costs a Taiwanese Superstar $550,000
Source: BinBits
1649005172 03 Apr / 16:59

After a recent phishing assault in which he lost roughly $550,000 worth of non-fungible tokens (NFTs), pop artist Jay Chou has become the latest victim of NFT theft. Jay Chou announced the loss on his Instagram page earlier today. The fraudster was able to get away with a Bored Ape Yacht Club (BAYC) NFT that was recently donated to him by famed Taiwanese singer Jeffrey Hwang, according to the superstar.

A Mutant Ape Yacht Club (MAYC) NFT and two additional Doodle NFTs were also taken by the attacker. Without a doubt, there is an increasing number of such examples of NFT theft, such as Chou's.

As a result, it is critical to have a thorough understanding of how fraudsters carry out their malicious deeds. As a result, @zachxbt, an on-chain analyzer and investigator, has detailed some of their methods.

According to the expert, these criminal actors frequently buy verified Twitter accounts and use them to host phony giveaways. They then employ bots to dupe unsuspecting individuals into clicking links that lead to a phishing site. This is where their NFTs will eventually be taken away.

In the meanwhile, it’s worth noting that these con artists can operate on any social media platform, including Instagram and Twitter. And a split-second lapse in judgment could result in the permanent loss of one’s assets.

Chou, like many others, initially mistook the robbery for an April Fool’s joke. And by the time he recognized what had happened, he had lost access to his valuable NFTs.

Meanwhile, in seemingly related news, BAYC’s official Discord service was also hacked by hackers. According to blockchain security firm PeckShield, the hacker was only able to get away with one NFT during the attack, which occurred earlier today.

However, in a message from its official Twitter account, the most successful NFT project to date has already verified the attack. The initiative also stated that it would not be undertaking any April Fools’ airdrops.

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