The official Instagram account has been hacked

After getting access to an Instagram account belonging to the Borea Ape Yacht Club (BAYC) collection, hackers stole some of the world’s most popular non-fungible tokens valued at almost $3 million.

Hackers posted fraudulent links to lure users to a phishing site

“Yuga Labs and Instagram are presently looking into how the hacker got access to the account.” “We’re all looking into it,” BAYC Yuga Labs’ proprietors stated in a statement.

This isn’t the first time hackers have targeted affluent cryptocurrency users, nor is it the first time BAYC has been targeted. In a phishing assault earlier this year, 17 customers of the NFT trading site OpenSea lost a large amount of tokens.

“From exchanges to Axie Infinity to NFTs, we’re seeing an increasing number of hacks and frauds targeting crypto firms.” “Social engineering and some degree of human mistake are prevalent themes in many of these hacks,” said Ari Redbord, director of department at TRM Labs, a blockchain analytics firm.