Probably the most famous NFT club BAYC was attacked by hackers via Instagram and Discord. Owners of the popular NFT monkeys have been tricked into revealing their account information. This allowed the hackers to take NFTs worth several million euros.
The internet will never be safe for scammers. What is the best way to protect yourself from such attacks? What can companies do to ensure that their customers are safe? Does it make any sense to invest in cryptocurrencies and NFTs when the risk of a cyber attack is far greater than having cash in your pocket?
More and more scammers
With the ever-advancing technology and digitalization, scammers are also finding more and more ways to carry out criminal activities. Phishing emails can give hackers access to data. This also happens in the area of non-fungible tokens (NFT). On social media platforms like Facebook or Instagram, it is an easy game for hackers. The platforms have been around for a long time, giving scammers plenty of time to spot the security flaws. Instagram and Co. always try to take additional measures to ensure safety. However, you are never completely protected from hacker attacks.
Hacker attack on BAYC
A well-known NFT club is the Bored Ape Yacht Club (BAYC). The club offers its own NFT collection. By purchasing one of these NFTs, one can become a member of the club. You then have the opportunity to be part of the community and connect with other NFT lovers. A hacker or a group of hackers recently managed to gain access to BAYC’s Instagram account. In this way, the protection of the blockchain could be circumvented. Hackers posted links through BAYC’s official account that led to a fake airdrop. You can get free cryptocurrency news via Airdrop. Hoping for a new NFT launch, users were asked to reveal their data. This gave scammers access to users’ wallets and allowed them to steal millions of dollars in NFTs. BAYC indicates that 2-factor authentication was enabled. How the hackers got past it remains uncertain. And it was not the first time the club had been hacked.
What do social media platforms do?
Social media platforms are already taking several measures to combat hacker attacks. But rising crypto-fraud is adding pressure. Users should be assured of increased security measures and clear guidelines. This is the only way they can be better protected from attack. Twitter, Discord and Telegram assure that they take all precautions to limit fraud on their platforms. Users can report suspicious activity there. However, Meta Platforms, the parent company of Instagram and Facebook, does not want to comment on the topic and the BAYC incident.
What are the options?
There are a number of measures that a company can take to prevent hacker attacks in the best possible way. Accounts must be secured with multifactor authentication. This means that access authorization to the account is verified in several independent ways. Other tools, like Captcha, are another way to verify a person’s authenticity. Platforms could also introduce a patch management system to help identify and correct security vulnerabilities. Likewise, companies should better educate their employees and users on social engineering.
Hacker attacks in the crypto world are becoming more and more common. Following the recent Bitcoin collapse, hackers are now trying to target cryptocurrencies’ wallets with phishing attacks. As a user, you should now pay special attention to your assets. Unknown emails should not be opened. And before you approve a transaction, you should take a closer look.
It is still unknown how the security of social media platforms will develop in the future. In any case, there are enough ways to protect the websites from hackers. But it is equally certain that it will be very difficult to keep all scammers away in the future. Like security technology, hackers will always find new ways to access a website. Businesses should therefore take every opportunity to make users feel safe. In addition, as a private person, you should always keep a watchful eye. Giving up trading in crypto would not be a solution. No matter what space is used on the Internet, hackers can roam anywhere on the Internet and extend the attack to other resources. You can also become a victim of scammers in real life.