NFT, thefts are not unusual, though they continue to present a bizarre combination of high risk and massive financial losses. The latest high-profile target in an NFT hack is Steven Galanis. The CEO of celebrity video platform Cameo Galanis informed over the weekend that his Apple ID got hacked, and as a result, he lost a different NFTs. His nft collection also contained a Bored Ape Yacht Club Ape. The CEO bought it for $320,000 back in January.
Insights into the Hack
Galanis tweeted about the stolen Ape #9012 on Saturday, following a bot reporting the NFT being resold. Galanis originally bought the ape for 100 Ethereum i.e. roughly $319,500 at the time of purchase.
Further, he also claims that the thief flipped it to a new owner for 77 Ethereum, which is now worth around $130,000. Galanis mentions that he lost several other crypto assets, including BAYC-adjacent Otherside tokens and around 9,000 ApeCoin cryptocurrency tokens which are currently worth around $66,000. OpenSea has frozen the ape in question, stopping the new owner who goes by MonroeSaintJames from selling it through the platform.
The exact mechanics of the NFT hack are still unclear. However, some Twitter users indicate that he would have kept a copy of his seed phrase i.e. a security key that is useful in getting access to a crypto wallet in a service that utilizes iCloud backups, providing the hacker access after his account was compromised.
This is not the first such incident. There have been a bunch of other NFT owners who have been hacked.
Also read, How to avoid being a victim of an NFT scam?
Actor Seth Green had an ape that was also supposed to star in an upcoming TV series from Green. The Bored Ape was hacked from his crypto wallet, then purchased back for around $300,000. The hacker stole over $1 million in tokens by exploiting the official BAYC Instagram account and phishing NFT owners.
Hypothetically, it is easy to trace these transactions but practically impossible to reverse them. So far, Galanis has done nothing but if he wants the ape back, he may have no other option.
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