Exploit Targets Bored Ape Yacht Club, ApeCoin Value Drops 1.3%

• An exploit happened on January 20th targeting the Bored Ape Yacht Club NFT collection.
• The exploit allowed the attacker to sell a marked Bored Ape, which was marked as “under review for suspicious activity”, and was locked from being sold.
• As a result of the exploit, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has fallen 1.3% in value in the past 24 hours.

On January 20th, an exploit targeting the Bored Ape Yacht Club (BAYC) Non-Fungible Tokens (NFTs) was discovered. FranklinIsbored, one of the largest holders of BAYC NFTs, was the target of the exploit, which was able to sell a marked Bored Ape. The Bored Ape was marked as „under review for suspicious activity“, meaning it was locked from being sold.

The exploit was made possible by OpenSea’s stolen ApeCoin policy, which allowed the attacker to use the „Match Advance Order“ system to „Mint“ and sell the marked Bored Ape to Franklin. The attacker was able to take advantage of this policy, and sell the Bored Ape to Franklin, collecting 1.625 WETH in fees. Unfortunately, Franklin was unable to resell the ape due to it being marked as suspicious.

This was the second exploit targeting FranklinIsbored this week, the first one occurring on January 20th. In response to the exploit, ApeCoin, the native token of the Bored Ape Yacht Club ecosystem, has seen a 1.3% fall in value in the past 24 hours. According to Coingecko, APE is currently trading at $5.80, up 16.6% in the last seven days.

The total amount of Bored Ape and Mutant Ape NFTs being stolen has now reached nearly $20 million. With the increase in exploits and thefts, the Bored Ape Yacht Club is urging its users to be vigilant and to ensure their NFTs are properly secured. To help protect users from these exploits, OpenSea is currently working on strengthening its stolen item policy, by introducing new security measures.

It is clear that the Bored Ape Yacht Club is doing everything they can to ensure their NFTs are safe, and that users are well protected. With OpenSea’s new security measures, users can be sure that their NFTs will be safe and secure.