The series of coordinated hacker attacks on NFT communities all across the internet shook the crypto world at the beginning of 2022. These incidents raised more awareness about the possible security flaws of blockchain as a whole. Such bald claims obviously were the result of panic the market is suffering at that period.
While the security was definitely compromised, it is not about blockchain systems but users themselves. To get a more tight grip on the situation, some examples are needed. The recent attack on the Bored Apes NFT Discord Community will do it perfectly. Time to buy eth or non-fungible tokens and secure them the best way possible!
Lessons to be taken
To shed some lights on the aforementioned incident, it would be good to start to talk about the project itself. Bored Apes Yacht Club (BAYC) opened its doors in the April of 2021 and sold out all the 10000 assets in few hours. It was a great investment at the time as prices went from $200 to $200000 in days! Such phenomena forged the landscape of NFT market as crypto enthusiasts see it right now.
But later during the summer 2022 the hacker attack on BAYC was successful earning criminals $300000+ in stolen assets. They have gained access to the discord server of Bored Apes Community first. Then staged a fake giveaway where users must provide information about their wallets. Within hours hundreds of unique Apes were transferred to criminals’ wallets and liquefied later.
By watering down the whole situation, it is easy to formulate 3 core principals of keeping non-fungible tokens away from scammers:
- to receive a giveaway prize users have to provide a wallet number and nothing more;
- avoid posting your financial credential in the social media profiles as it makes the life of hackers easier;
- close your personal messages for non-friends to avoid clicking on fishing links accidently.
Various online communities are a great place to learn about fresh news and discuss investment opportunities but do not get carried away. When it comes to money the absolute worth in people start to emerge.
How to avoid hacker attacks
Each year various NFT projects will get more traction which at the same time will lead to increase in some shady activities. News about scam token projects are coming each but it should not compromise the idea as a whole. The best recommendation to avoid it will be sticking to trustworthy projects first. It obviously will result in moderate profits but the safety of the capital is above all!