Non-fungible token, or NFT, thefts are not uncommon, but they are still a bit mind-boggling – a bizarre combination of high risk and massive financial loss. The latest high-profile target is Steven Galanis, CEO of celebrity video platform Cameo. Galanis reported over the weekend that he had his Apple ID hacked, and as a result, he lost a variety of NFTs. Most notably, that included a bored Ape Yacht Club app that he bought in January for about $320,000.
Galanis tweeted about the theft of App #9012 on Saturday, after a bot Reporting of resell to NFTs. Galanis originally bought the ape for 100 ethereum – about $319,500 at the time of purchase – and the alleged thief passed it on to a new owner for 77 ethereum, which is now worth around $130,000. Galanis tweeted That it also lost several other crypto assets, including BAYC-adjacent Other Side tokens and about 9,000 ApeCoin cryptocurrency tokens, currently valued at around $66,000. As of this writing, OpenSea has frozen the ape in question to prevent the new owner — who goes by MonrosentGems — from selling it through the platform.
The exact hack mechanics are unclear from Galanis’ tweet. Some Twitter users suggested that he keeps a copy of his seed phrase (essentially a security key that can be used to gain access to a crypto wallet) in a service that uses iCloud backup, allowing hackers to access his crypto wallet. Provides access after account has been tampered with. Galanis did not immediately respond to a Twitter direct message, seeking confirmation. ledge,
But many other NFT owners have been hacked, sometimes for extraordinary sums of money. An ape (who was also the star of Green’s upcoming TV series) was hacked from the crypto wallet of actor Seth Green, then bought back for about $300,000. More seriously, a hacker stole over $1 million in tokens by compromising the official BAYC Instagram account and phishing NFT owners. These transactions are theoretically easy to trace, but they are essentially impossible to reverse without arranging a transfer with a new owner like Green. So far, Galanis hasn’t done so – but if he wants the apes back, he may have no other choice.