NFT Projects lost $22 million to the same hackers on Discord
- Hackers targeting Bored Ape Yacht Club and other NFT projects are part of a wider network
- Cyber attacks against NFT collections have steadily increased
- The NFT community lost over $22 million in May
Two Web3 security firms have provided reports of the new scourge of hacks focusing on NFT projects, affordable by a connected collection of programmers using compromised Discord server director accounts.
According to a new research from TRM Labs, digital attacks against NFT assortments have steadily increased in 2022, costing the NFT crowd more than $22 million in May alone. NFTs are blockchain-based tokens that show responsibility for or actual resources.
TRM Labs received over 100 reports of Discord channel hacks
In the report, TRM Labs – which works on the Advanced Resource Consistency and Danger Board – says that cyber attacks related to NFT stamping tricks disseminated through compromised Discord accounts in this way increased by 55% in June 2022 compared to the previous month.
TRM Labs says it has received more than 100 reports of Discord direct hacks over the past two months through the Chainabuse disclosure phase. Laird says the abuses happen week by week and often target ERC-721 tokens, which is a token norm on the Ethereum blockchain for non-fungible tokens.
On the chain side, she said the connection between the common combination foci (dealers, blenders) and wallets suggests that similar entertainers take the brunt of these abuses.
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Over 150 compromises since May targeting an administrator role
TRM Labs says on-chain information suggests a significant portion of the Discord compromises are tied to the very programmer who singled out Bored Ape Yacht Club in June. According to the firm, other designated projects include Bubbleworld, Parallel, Lacoste, Tasties, Anata, and that’s just the beginning.
As Laird understood, there have been more than 150 trade-offs since May focused on an admin job in a major NFT project channel. When the programmers control the administrator account, they convey links to special gifts and restrictive NFTs that push individuals to jump into these malicious sites by creating a misguided sense of desperation.
It’s not really that Discord itself has a flaw, but it simply makes it a very target-rich climate, says Chris Janczewski, head of worldwide research at TRM Labs. If you’re looking for people who own NFTs, you go to where they all hang out and you have a highlight that has the ability to contact them.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
