ApeCoin Slides By 8% After BAYC Discord Channel Suffers Phishing Scam

ApeCoin slides by 8% after the recent Bored Ape Yacht Club Discord Channel suffered a phishing scam and the token collection plunged overall so let’s read more in today’s latest altcoin news.

ApeCoin slides by 8% over the past 24 hours and fell from $14 to $12.8 according to the data from CoinMarketCap.
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Airdropped to Bored Ape and Mutant Ape NFT holders and will serve as a governance token for the project’s Apecoin decentralzied autonomous organization and the tokens will allow the holders to vote on the project’s roadmap with the upcoming proposals. Since the token’s launch, the price action was quite voaltile with APE moving from $39.4 to $1 before finding a new range between $14 and $16. today’s events added more volatility to the mix.

The 8% drop was accelerated by the reprots that the BAYC Discord channel was comprised by the phishing attack during the early hours of Friday morning. The Twitter account told the users to not mint anything from Discord as the platform was briefly compromised. The attacker was able to access Discord where they announced that there will be a new collection available to the mint for the Mutant Ape and BAYC NFT holders. According to reprots, clicking the link would result in losing the holders’ respective NFTS, and the security firm Peckshield confirmed that at least one Mutant Ape NFT was lost because of the phishing scam.

The security researchers said that a ticketing tool that verifies users and pushed channel-wide notifications was compromised. Clicking on the link that enticed the users to mint a limited edition NFT will lead to an illicit script that can steal a user’s NFT and other wallet information. A few other NFT Discord servers like Shamanzs, Doodles, Nyoki use the same tool using similar phishing messages. BAYC’s Discord channel is closed to new members and one single NFT from BAYC’s Mutant Ape collection was stolen so far. BAYC tells users to avoid Discord for now and ApeCoin dropped by 8.3% over the past day amid a drop in the crypto market. BTC lost support at $45,000 while ETH Slid as much as 5%.

The official channel of the Bored Ape Yacht Club on Discord was hit by a malicious tool that aimed to trick users into minting fake NFTs from the popular Bored ape Collection as the company noted.