Earlier this week, someone stole millions of dollars’ worth of NFTs by hacking the Bored Ape Instagram account.
The haul, which included four Bored Apes worth about $1 million as well as other assets, is just the latest event in a series of high-profile thefts that have been rocking the NFT market. A $1.7 million attack on OpeanSea users made headlines in February.
Scammers are rife in the NFT space, and the methods behind these attacks are, for now, unclear even to experts. In the wake of these security breaches, what are the takeaways for people who want to protect their investments in NFTs (or are considering a future investment)?
The NFT market is growing fast, with more people participating every day. OpenSea, the largest marketplace, grew from 130,000 active users in August 2021 to more than a million at the start of 2022. With rapid growth comes opportunity, but also confusion. Make sure you’re up to date on best practices and key concepts (or, for the uninitiated, learn the basics about cryptocurrencies and digital art) with our Instaread on The NFT Handbook.