Bored Ape Yacht Club: he gets bananas and loses $570,000 in one click

An Ape paid in monkey money – Since mid-August 2021, the non-fungible tokens (NFT) experienced unprecedented growth. Of course, renowned NFT holders 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 – Source: TheBlock.

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

Tuesday, April 5, the Internet user 0xExit unveiled an extremely well-crafted scam case. This one has resulted in the loss of 3 NFTs from the Bored Ape Yacht Club and Mutant Ape Yacht Club collections.

Thead posted 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.

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A clever scammer like 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 floor price.

On April 5, the Discord bot notified 0xQuit of BAYC sale #1584. This NFT belonging to the user known as s27 on opensea. 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 ‘animate your monkey’ scam I fell victim to today, but when looking at his transaction history, I noticed something odd. .”

After analyzing the transactions, he realizes that s27 did not sell his NFTs but exchanged 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 confronted with a subtly put together scam. Thus, the scammer took advantage of the specificities of the SwapKiwi platform to scam poor s27.

3 true against 3 false

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

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

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

“The scammer added these tags to counterfeit NFTs exclusively 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 take care to verify the NFTs offered to it in the exchange. He therefore accepted the exchange. Sealing his fate and sending 3 real collectible NFTs against 3 counterfeit NFTs worthless.

Exchange transaction of s27's NFTs against the 3 counterfeit NFTs.
Exchange transaction of s27’s NFTs against the 3 counterfeit NFTs.

Let’s take advantage of the misadventure of s27 to make some safety remindersso that you never fall for this type of scam.

As 0xQuit very well points out, beware of bargains, “If it sounds too good to be true, it probably is”.

Secondly, 0xQuit advises NFT holders to favor public negotiations instead of private message. This may allow someone to detect the pot-aux-roses and warn you of the deception.

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

On our side, we are obliged to remind you that it is important to store your NFTs securely. Prefer hardware wallets to Metamask, which turns out to be the target of many hacks.

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

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