BAYC collector loses NFTs in direct swap scam

Bored Ape Yacht Club (BAYC) collector suffers from an NFT scam. A bored ape holder by the name ‘s27’ lost bubble gum ape and matching mutants worth $567,000 after exchanging their NFTs at “Swap.Kiwi”, which allows direct NFT swaps between collectors, at reduced transaction fees.

The scammer added ‘verified’ checkmarks to knock-off NFTs exclusively to make them appear legitimate on swapkiwi, a trading site which is similar to NFTtrader or SudoSwap. These platforms enable trading of NFTs.

A Twitter account named ‘quit’ tracks all popular NFT ape avatars and his Discord server is configured to track BAYC listings that are at least 5 percent below their floor price in Ether. The user said, “The pings are rare, but when they happen it generally means one of two things: somebody is panic selling, or somebody is compromised. When I saw the notification for #1584, I instantly knew it was the latter.”

“The collector initiated a trade to lose his apes, which is certainly not normal behavior. There’s nothing inherently wrong with KiwiSwap. The contract is safe and does what it’s supposed to. But there are fatal flaws with the UI/UX,” the user added.

Last month, an NFT holder sold a BAYC NFT worth $350,000 for only $115. This either appears to be a hack or an honest mistake, but has costed the collector a fortune. BAYC NFT is owned by famous celebrities, such as basketball icon Steph Curry, music artist Post Malone, and even American TV host Jimmy Fallon.