Controversial questions over bored ape NFT hack incident

Bored Ape Yatch Club NFT hack episode has raised questions on social media and digital business around the world.

The Incident

On 1 April 2022, a scammer hacked Taiwanese pop star Jay Chou's NFT collection on 1st April, and unabated put them up for resale. The stolen NFT of bored ape yacht club was successfully sold for 164 Ethereum on 6th April.

Controversies Erupted

After the incident, several controversies are erupted, but main concerning are -

A) Is a verified social media account trustworthy?

B) Do NFTs Protect Ownership Rights?

Accuracy of Verified Accounts

Accuracy of the verified account on social media is more than questionable.

Nowadays, fraudulent people promote links to phishing sites as paid posts by paying the owners of verified social media accounts.

Jay Chou also fell victim to a similar link, discovering it only when he lost access to his doodles NFT, bored ape yacht club, and mutant ape yacht club.

Those who try to open an account by clicking on shared links without typing in the browser could get their account hacked.

So everyone is cautioned that a verified account does not mean the account holder is reliable.

Ownership Rights

Another burning question which has arisen is, the ownership of digital art.

The NFT was also known to preserve the ownership of its owners in the digital form of art. But, this view has been clouded after the incident.

It does not seem that NFT hacking is preventing the buyers in the market, the stolen property is also being sold without any restriction.

Possible Conclusion

To make the crypto market credible, it is necessary to stop the sale of stolen property, for this people will have to unite themselves. If the public boycotts the seller instead of buying the stolen property, then the hacker will not get any benefit in it, and will automatically give it up.