An alleged SIM swapping assault on the Gutter Cat Gang NFT challenge resulted within the unlawful switch of greater than $765,000 value of non-fungible tokens (NFTs). Gutter Cat Gang co-founder Gutter Mitch posted a warning to the NFT neighborhood concerning the hijacked Twitter account and warned them to not click on on any hyperlinks.
The hackers used the compromised accounts to unfold faux hyperlinks promising free Gutter Cat Gang NFT sneakers to individuals who clicked on the hyperlinks. The victims of those scams in all probability had no concept that their hard-earned cash was gone after they clicked on the hyperlinks.
To present the impression of being actual, the tweets cleverly used present Gutter Cat Gang branding and imagery from the challenge’s revolutionary sneaker drop, which was a collaboration between Puma and NBA/Charlotte Hornets star LaMelo Ball.
Mitch addresses safety breaches
After the incident, Mitch has supplied an replace that claims:
“We’re at the moment working with Twitter to regain management of the compromised Gutter-affiliated Twitter accounts.”
Moreover, in a written assertion, he empathized with all these affected and warranted them that the scenario was being taken very severely.
Gutter acknowledged the seriousness of the scenario, and confirmed that the police are concerned within the ongoing investigation into the safety breach. It was revealed that the hacker had gained management of co-founder Gutter Ric’s account.
Blockchain investigator raises concern
Following Gutter Mitch’s tweet, ZachXBTa well known blockchain researcher, claimed that the group had fallen sufferer to a SIM-swapping assault whereas expressing concern concerning the group’s cybersecurity practices.
ZachXBT emphasised the necessity for the group to contemplate a compensation plan for the affected people, stating that it was a transparent case of negligence to depend on SMS 2FA for his or her social media accounts, given the latest cases of SIM swapping.
In a separate dialogue, ZachXBT highlighted the plight of two assault victims. One individual suffered a lack of a Bored Ape Yacht Membership NFT value $65,913 based mostly on present market costs, whereas one other sufferer suffered a lack of round $700,000 in NFTs from varied identified collections.
A more in-depth take a look at Gutter Cat Gang Efficiency
Launched in mid-2021, Gutter Cat Gang contains a assortment of three,000 distinct NFT cartoon cat avatars. OpenSea information reveals that the present ground worth for these NFTs is 0.5 Ether (ETH), a rise of just about 615% in comparison with the unique minting value.
Additionally, the overall quantity of Gutter Cat Gang NFT transactions in the marketplace has reached 27,400 ETH.
Featured picture from Twitter, chart from TradingView.com
