Bored Ape Yacht Club – Catch bananas and lose $ 570,000 in one click

A monkey paid in monkey money – From mid-August 2021 the non-fungible tokens (NFT) experienced unprecedented growth. Of course, renowned NFT owners were quickly targeted by hackers and scammers from all walks of life.

New NFT scam

Since the beginning of 2022, the NFT ecosystem has recorded a monthly volume of several billion dollars.

Evolution of the volume generated by NFT exchanges
Evolution of the volume generated by NFT exchanges – Source: TheBlock.

Faced with the sums involved, many malicious users scams multiply to steal valuable NFTs.

Tuesday, April 5, the Internet user 0x Exit unveiled an extremely well thought out scam case. This has resulted in the loss of 3 NFTs from the Bored Ape Yacht Club and Mutant Ape Yacht Club collections.

Thead published by 0xQuit
Thead published by 0xQuit – Source: Twitter.

Let’s go back together on the details of this scam, where nothing was left to chance.

>> Are you looking for a reliable platform? Join FTX (affiliate link) <

A scammer as smart as a monkey

0xQuit is the founder of a Discord server with several thousand users. This server has a lobby where a bot notifies users when an Ape is sold for 5% less than the Price per floor.

On April 5th, the Discord bot notified 0xQuit of BAYC sale # 1584. This NFT belonging to the user known as s27 in the open sea. In addition to this BAYC, s27 also sold two NFTs from the MAYC collection. The sale seems surprising to him and he decides to investigate:

“At first I thought s27 had fallen victim to the ‘soul your monkey’ scam I was a victim of today, but looking at his transaction history, I noticed something odd.”

After analyzing the transactions, he realizes that s27 did not sell his NFTs but traded them via the NFT exchange platform SwapKiwi. Even more surprising, it was he who initiated the trade leading to the loss of his NFTs. But how could this have happened?

In practice, s27 was faced with a subtly put together scam. Therefore, the scammer took advantage of the specificities of the SwapKiwi platform to scam the poor s27.

3 true against 3 false

Indeed, the scammer created it 3 NFTs containing images from the BAYC and MAYC collections. In advance, the attacker has edited images to display the “verified collection” logo that appears on the image of each verified NFT in the SwapKiwi interface.

An undetectable addition on SwapKiwi but which raises awareness when consulting NFTs on Opensea.

Fake NFTs seen by OpenSea, where the buffer
Fake NFTs seen by OpenSea, where the “collection verified” buffer no longer makes sense.

“The scammer added these tags to counterfeit NFT solely to make them appear legitimate on swapkiwi. Also, there is no obvious way to click to view the asset or asset contract, which makes checking assets unnecessarily tedious. “

Unfortunately, s27 did not bother to verify the NFTs offered to him in the exchange. She then accepted the exchange. Sealing his fate and sending 3 real collectible NFTs against 3 worthless counterfeit NFTs.

Exchange transaction of the s27 NFTs against the 3 counterfeit NFTs.
Exchange transaction of the s27 NFTs against the 3 counterfeit NFTs.

We take advantage of the misadventure of s27 to do some safety remindersso you never fall for this type of scam.

As 0xQuit points out very well, pay attention to opportunities, “If it sounds too good to be true, it probably is”.

Second, 0xQuit advises NFT holders to do this encourage public negotiations instead of private message. This may allow someone to detect the pot-aux-roses and alert you of the deception.

Finally, the most important tip: controls absolutely everything. No precipitation, take time to verify the origin of the NFTs we are trying to trade with you. For example, if s27 had attempted to identify the NFTs on etherscan, they would have realized that they did not belong in any way to the BAYC collection as claimed by the scammer.

For our part, we are obligated to remind you that it is important to store your NFTs securely. Prefer hardware wallets to Metamask, which happens to be the target of many hacks.

Take care of your Bored Ape and avoid banana peels If you are more into cryptocurrencies iregister without delay on the FTX benchmark cryptocurrency exchange platform and benefit from a lifetime discount on your trading fees (affiliate link, see conditions on the official website).

Leave a Reply

Your email address will not be published.