Does the ApeCoin Price Pump Have Something To Do With the BAYC Hack?
2022.04.26 13:40
Does the ApeCoin Price Pump Have Something To Do With the BAYC Hack?
- ApeCoin (APE) peaked at a new all-time high early Tuesday.
- The token stays on the green market amid the BAYC Instagram hack.
- Otherside, BAYC and ApeCoin’s metaverse, is set to launch on April 30.
ApeCoin (APE), the utility and governance token serving the Bored Ape Yacht Club (BAYC) community, saw stunning growth amid the recent social media hack plaguing the famed NFT collection.
(Price chart: CoinGecko)
Early April 26, APE skyrocketed from $18.15 to $19.46, recording its new all-time high (ATH). At the time of writing, however, the coin has dropped by 8.2%. The APE price is now at $18.13. Despite this, APE continues to enjoy its position in the green market, up by around 5%.
Meanwhile, the collection that the coin intended to power up—BAYC— admitted that its Instagram account was recently hacked. An estimated $13.7 million worth of stolen NFTs was siphoned from holders.
This morning, the official BAYC Instagram account was hacked. The hacker posted a fraudulent link to a copycat of the BAYC website with a fake Airdrop, where users were prompted to sign a ‘safeTransferFrom’ transaction. This transferred their assets to the scammer’s wallet.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
It is important to note that Yuga Labs, the company behind BAYC, has no hand in creating ApeCoin. Instead, the token, which is the primary token for Yuga Labs products and services, was developed and managed by ApeCoin DAO.
Last March, Yuga Labs announced that it is launching its metaverse called the Otherside, which will be powered by ApeCoin. Interestingly, the hackers lured the holders with a fraudulent mint link claiming they could mint land in the upcoming metaverse.
As Otherside’s governance token, APE is seeing decent price surges since the metaverse announcement. And as mentioned earlier, it was able to reach a new ATH ahead of its impending launch this April 30. Meanwhile, the attack happened during one of ApeCoin’s price spikes. It is still up to the public whether or not to create a connection given these circumstances.
Continue reading on CoinQuora
