An NFT platform has been hacked. There is an alleged SIM swap attack on the Gutter Cat Gang NFT project, now in our news. The loss is great. A token worth more than $765,000 was subject to an illegal transfer. Let’s look at the details.
Attack on NFT platform
Gutter Mitch, co-founder of Gutter Cat Gang, made a statement on the subject. Accordingly, it sent a warning to the NFT community about the hacked Twitter account. He also warned them not to click on any links. Hackers used compromised accounts. Accordingly, it spread fake links promising free Gutter Cat Gang NFT sneakers to people who clicked on the links. Victims of these scams probably didn’t know that when they clicked on the links, their hard-earned money disappeared.
The current branding of the Gutter Cat Gang was used in the tweets to give the impression of being real. In addition, images from the innovative sneaker of the project, which is a partnership between Puma and NBA/Charlotte Hornets star LaMelo Ball, have been cleverly used.
Mitch addresses security breach
After the event, Mitch made an update saying:
“We are currently collaborating with Twitter to regain control of Gutter-related Twitter accounts that have been compromised.”
Also, in a written statement, communication with everyone affected was out of the question. There is also assurance that the situation is being taken very seriously. Acknowledging the gravity of the situation, Gutter confirmed that law enforcement was involved in the ongoing investigation into the security breach. It turns out that the hacker had successfully taken control of co-founder Gutter Ric’s account.
Blockchain researcher raises concerns
Following Gutter Mitch’s tweet, ZachXBT, a well-known blockchain researcher, made the statement. He expressed concerns about the team’s cybersecurity practices. On the other hand, he claimed that the team was the victim of a SIM swap attack. ZachXBT stressed that the team should consider a compensation plan for affected individuals. Accordingly, he noted that reliance on SMS 2FA for social media accounts is a clear case of negligence, given the recent SIM swaps.
In a separate discussion, ZachXBT highlighted the plight of two attack victims. One person lost a Bored Ape Yacht Club NFT worth $65,913 at current market prices. On the other hand, another victim lost about $700,000 worth of NFTs from different collections.
A Closer Look at Gutter Cat Gang Performance
Introduced in mid-2021, the Gutter Cat Gang has a collection of 3,000 different NFT cartoon cat avatars. OpenSea data shows that the current floor price for these NFTs is 0.5 Ether (ETH). It also points to an increase of approximately 615% compared to the initial printing cost.
cryptocoin.com Looking at it as a whole, the total volume of Gutter Cat Gang NFT transactions in the market reached 27,400 ETH.
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