NFT Collector Loses $567,000 Worth of BAYC & MAYC NFTs

Last updated:
Bored Ape Yacht Club #1584

Earlier this morning, Bored Ape Yacht Club (BAYC) & Mutant Ape Yacht Club (MAYC) holder ‘s27’ lost BAYC #1584, MAYC #13168 and MAYC #13169 which are roughly $567,000 worth of NFTs.  

Recently, scammers trick NFT holders by offering incredible deals that are hard to believe.  Twitter user @0xQuit explained how this incident happened in a thread.

@0xQuit was the first one to notice this incident as he was tracking Ape NFT listings under floor prices.  Sadly, the wallet might be compromised if an NFT is listed under the floor price because the person wishes to sell the NFTs as quickly as possible.  It was someone targeting s27 Ape NFT holder in this incident.

Bored Ape holder s27 used Swap.Kiwi which is an NFT trading app.  @0xQuit stated, “There’s nothing inherently wrong with KiwiSwap….But there are fatal flaws with the UI/UX.”  

Because there is a verified collection check stamp on top of the image, this factor made it easier for scammers to trick people. The scammer added verified green check mark on their own images to show authenticity.  With this method, s27 swapped his NFTs believing he was trading authentic BAYC NFTs.  Unfortunately, s27 received NFTs worth $0 while the scammer received almost half a million USD worth of NFTs.

Even though it is too late for Bored Ape NFT holder s27, Swap.Kiwi needs to address this issue and make it harder for scammers to get away with it by having more strict rules.  

It is always great to remember to keep your NFT and crypto funds safe.  To avoid these issues, follow NFT communities to know the latest scams and share your ideas with them if you are uncertain about the decision.  However, it is important to do your own research before taking action for any trades.