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HomeETHBAYC NFT, stolen from Taiwanese singer Jay Chou, sells for 164 ETH

BAYC NFT, stolen from Taiwanese singer Jay Chou, sells for 164 ETH

On the NFT trade platform LooksRare, a Bored Ape Yacht Club (BAYC) NFT that was allegedly stolen from Taiwanese musician Jay Chou was sold for 164 ETH ($570,000). The NFT, BAYC #3738, was stolen, along with a plethora of other tokens, according to the singer, during a phishing assault. The attack coincided with a hack of the official BAYC discord, however it’s unclear whether the two are linked. During the BAYC invasion, a Mutant Ape NFT was stolen.

According to on-chain statistics, the coin has already passed through many hands since its theft on Friday. Its most recent sale was for a profit of approximately 50% over BAYC’s floor price. According to a detailed examination by blockchain security startup Beosin, the ape in question had gone through at least two buyers in the hours following its theft. 124 wrapped ETH (WETH) were used in the first transaction, while 155 WETH were used in the second.
The hacker used Tornado Cash, a prominent crypto mixer, to make the laundered ETH untraceable. The current owner of the token, LooksRare, appears to be a whale with a vast collection of Bored Apes. It was unclear whether those Apes had been stolen as well. Bored Ape thefts are not uncommon, with thefts occurring since the NFT boom in 2021.The collection is the most valuable in terms of market value, according to Coinmarketcap.com, valued at about 1.2 million ETH.
Last week, a hacker drained the liquidity pool of popular play-to-earn game (P2E) Axie Infinity (AXS), stealing about $622 million in tokens in the largest-ever crypto heist.The hacker was detected moving the majority of the stolen tokens into Tornado Cash on Monday, where they are unlikely to be traced. Nonetheless, given the attack’s high visibility and the hacker’s use of private, centralised exchanges to fund it, their identity may be traced in the future.

Read more: Solana achieves a new milestone by surpassing USD 1 billion worth of NFT transactions

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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