Bored Ape Creator Yuga Labs Warns of Possible Attack Targeting NFT Community
- Yuga Labs has said the attackers have compromised social media accounts belonging to NFT holders.
Bored Ape Yacht Club (BAYC) creator, Yuga Labs, has warned the NFT community of a possible attack from a persistent threat group. While urging the community to stay vigilant, the company has said the attack may materialize soon.
Reportedly, Yuga Labs has said the attackers have compromised social media accounts belonging to NFT holders.
Yuga Labs and the Evolving NFT Market
Blockchain technology has recorded tremendous growth over the years it has been in existence. However, as Ethereum lead developer Vitalik Buterin argued, blockchain technology is fighting to achieve the best in security, decentralization, and scalability.
Buterin ostensibly referred to the fight as the Blockchain Trilema.
As for the NFT market, it thrives on blockchain and crypto technology. Any instance of network compromise is likely to result in assets lost. For this case, the NFTs.
This is not the first time that Yuga Labs has issued a threat notice to its community. Earlier last month, Yuga Labs Co-founder alias Gordon Goner warned the community of a possible attack.
According to Goner, credible sources indicated that attackers have gained access to NFT accounts through Twitter.
Eventually, the attack fears materialized between June 4 and 5 when a popular on-chain analyst on Twitter OKHotshot reported a hack. According to the analyst, BAYC and OtherSide discords got compromised.
Following the hack, over 145 units of Ethereum (ETH) were stolen. According to him, the attack happened because the account for the social and community managers at BoredApeYC and Yuga Labs got compromised.
Earlier in May, OKHotshot reported that nearly 70 discord accounts got hacked. Among the compromised discords included the OpenSea official account.
The trend has been identified as a threat to the industry’s future growth prospects. Remember global blockchain adoption is growing and projects do not want to scare away novice customers.
Side Notes
Yuga Labs is run by the APE token, which ostensibly runs future projects running on its ecosystem. According to our market data. The APE token is trading around $5.79, having gained 58 percent in the last 30 days.
According to market data provided by Ethplorer.io, the APE token enjoys 82,279 holders as of publication time. With a market cap of $ 1,765,043,147, the APE token has recorded a volume of approximately $858 million, which is up 41 percent in the past 24 hours.
Worth noting, that Binance is the highest holder of the total APE token in circulating supply, with 22,736,134 units.
The NFT market is expected to grow exponentially in the next decade as the metaverse makes its debut in global markets. Remember, NFTs are core in the development of GameFi and the Metaverse community.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
