{"id":153108,"date":"2022-05-04T09:16:31","date_gmt":"2022-05-04T16:16:31","guid":{"rendered":"https:\/\/www.mcafee.com\/blogs\/?p=153108"},"modified":"2024-02-26T20:00:21","modified_gmt":"2024-02-27T04:00:21","slug":"instagram-hack-results-in-1-million-loss-in-nfts","status":"publish","type":"post","link":"https:\/\/www.mcafee.com\/blogs\/mobile-security\/instagram-hack-results-in-1-million-loss-in-nfts\/","title":{"rendered":"Instagram Hack Results in $1 Million Loss in NFTs"},"content":{"rendered":"

Imagine \u2013 your favorite brand on Instagram just announced a giveaway. You\u2019ll receive a free gift! All you have to do is provide your credit card information. Sounds easy, right? This is a brand you\u2019ve followed and trusted for a while now. You\u2019ve engaged with them and even purchased some of their items. The link comes directly from their official page, so you don\u2019t think to question it.<\/span> Don’t fall prey to crypto scams, download reputable mobile security protection<\/a>.<\/span><\/p>\n

This is the same mindset that led to several Bored Ape Yacht Club (BAYC) NFTs being stolen by a cybercriminal who had hacked into the company\u2019s official Instagram account. Let\u2019s dive into the details of this scam.\u00a0<\/span>\u00a0<\/span><\/p>\n

Sneaking Into the Bored Ape Yacht Club<\/span><\/b>\u00a0<\/span><\/h2>\n

Bored Ape Yacht Club, the NFT collection, disclosed through Twitter that their Instagram account had been hacked, and advised users not to click on any links or link their <\/span>crypto wallets<\/span><\/a> to anything. The hacker managed to log into the account and post a phishing link promoting an \u201cairdrop,\u201d or a free token giveaway, to users who connected their MetaMask wallets. Those who linked their wallets before BAYC\u2019s warning lost a combined amount of over $1 million in NFTs.<\/span>\u00a0<\/span><\/p>\n

Despite the large price tag attached to NFTs, they are often held in smartphone wallets rather than more secure alternatives. MetaMask, the crypto wallet application, only allows NFT display through mobile devices and encourages users to use the smartphone app to manage them. While it may be a good method for display purposes, this limitation provides hackers with a new and effective way to easily steal from users\u2019 mobile wallets.<\/span>\u00a0<\/span><\/p>\n

BAYC does not yet know how the hacker was able to gain access to their Instagram account, but they are following security best practices and actively working to contact the users affected.<\/span>\u00a0<\/span><\/p>\n

N.F.T. \u2013 Not For Taking<\/span><\/b>\u00a0<\/span><\/h2>\n

This scam was conducted through the official BAYC account, making it appear legitimate to BAYC\u2019s followers. It is incredibly important to stay vigilant and know how to protect yourself and your assets from scams<\/a> like these. Follow the tips below to steer clear of phishing scams and keep your digital assets safe:\u00a0<\/span>\u00a0<\/span><\/p>\n

Ensure wallet security<\/span><\/b>\u00a0<\/span><\/h3>\n

A seed phrase is the \u201copen sesame\u201d to your cryptocurrency wallet. The string of words is what grants you access to all your wallet\u2019s assets. Ensuring that your seed phrase is stored away safely and not easily accessible by anyone but yourself is the first step to making sure your wallet is secure.<\/span>\u00a0<\/span><\/p>\n

Protect your privacy<\/span><\/b>\u00a0<\/span><\/h3>\n

With all transactional and wallet data publicly available, scammers can pick and choose their targets based on who appears to own valuable assets. To protect your privacy and avoid being targeted, refrain from sharing your personal information on social media sites or using your NFT as a social media avatar.<\/span>\u00a0<\/span><\/p>\n

Look out for phishing scams<\/span><\/b>\u00a0<\/span><\/h3>\n

Phishing scams targeting NFT collectors are becoming increasingly common. Be wary of any airdrops offering free tokens in exchange for your information or other \u201ccollectors\u201d doing the same.<\/span>\u00a0<\/span><\/p>\n

Phishing scams tend to get more sophisticated over time, especially in cases like the Bored Ape Yacht Club where the malicious links are coming straight from the official account. It is always best to remain skeptical and cautious, but when in doubt, here are some extra tips to spot phishing scams:<\/span>\u00a0<\/span><\/p>\n