All Stolen Bored Ape and Mutant Ape NFTs Recovered
All stolen nonfungible tokens (NFTs) from the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) have been successfully recovered following a bounty payment. A security firm in the Web3 space coordinated efforts to retrieve 36 BAYC and 18 MAYC NFTs, which were stolen in a hack that resulted in nearly $3 million in losses. The attacker communicated through public messages, falsely implicating another user and demanding ransom payments for the NFTs. However, the community effort led by Boring Security managed to recover assets valued at around $267,000.
The hack was made possible by a vulnerability that allowed unauthorized transfers of NFTs from their owners. The vulnerability surfaced after a “bad upgrade” earlier this month, enabling multicalling to external contracts. Unless the permissions were revoked, there was a risk of the stolen NFTs being taken again. In addition to the NFT Trader hack, reports of additional breaches resulting in the loss of Cool Cats and Squiggles from user wallets also emerged.
NFT Market Resurgence
Despite the downturn in the NFT market and hacking incidents, investors remain optimistic about the sector. The Web3 division of Japanese messaging app LINE raised $140 million and plans to integrate its mobile-enabled NFT platform DOSI with LINE’s existing NFT marketplace, LINE NFT. Metagood, another NFT marketplace, secured $5 million in seed funding for its Osura marketplace. Additionally, nftperp, an NFT perpetual futures exchange, received a $3 million Series A funding round led by 1kx. These developments indicate a resurgence in the NFT market.
Hot Take: The Recovery of Stolen BAYC and MAYC NFTs Marks a Victory for the Community
The successful retrieval of stolen Bored Ape and Mutant Ape NFTs is a significant win for the community. Through a well-coordinated effort, security experts and community members were able to recover a substantial portion of the stolen assets. This not only demonstrates the resilience of the Web3 space but also highlights the importance of collaboration and community support in combating hacking incidents. As the NFT market experiences a resurgence, it is crucial for investors and platform creators to prioritize security measures to protect user assets and maintain trust in the ecosystem.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.