Cryptocurrencies
Bored Ape Thefts on Instagram Are Crypto’s Latest Hack Headaches
- Users are vulnerable as crypto scams grow on social media
- New types of attacks are growing on different social platforms
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When it comes to crypto hacks, the story is often the same: Scammers take advantage of a vulnerability in a blockchain’s design and make off with millions, like in the $600 million-plus heist involving the play-to-earn NFT game Axie Infinity and the $77 million theft that took place Saturday on decentralized finance projects Rari Capital and Fei Protocol.
But a $3 million hack last week involving nonfungible tokens from the popular Bored Ape Yacht Club universe exploited a different kind of weakness that isn’t unique to blockchain.