Yuga Labs warns of danger to NFT community

Yuga Labs, affiliated with the popular non-fungible token (NFT) collection Bored Apes Yacht Club (BAYC), has warned of a danger to the NFT community. The firm claims that its security team has identified a group of hackers targeting the NFT segment.

The firm has given this warning to the NFT community on Twitter. Yuga Labs has been targeted by hackers in the past few months. In June, cybercriminals broke into its Discord server and stole NFTs worth over $600,000. For this, access to the account of the manager of the community of Yuga Labs was obtained. About two months ago, hackers after gaining access to BAYC’s Instagram account sent messages containing fake links to users and stole about $13.7 million in NFTs.

Last month Yuga Labs filed a legal case against artist and gordongoner creator Ryder Ripps for selling counterfeit NFTs. Yuga Labs alleges that Ripps and his associates manufacturing and selling counterfeit NFTs have reduced the value of the original NFTs.

In this case, it is said that Ripps has used the original images of BAYC in its Fake NFT collection to describe them as RR/BAYC NFTs. This has reduced the value of BAYC NFTs and increased fake NFTs in the market. It has been told that the value of BAYC NFT is hundreds of dollars and some celebrities are also its holders. It states that only 10,000 BAYC NFTs exist and they are not the same. Ripps has built its collection under the brand name RR/BAYC and has sold it through its website. Yuga Labs has sought to stop Ripps and his associates from doing so. Along with this, the firm also stated that the application for the trademark and logo of BAYC was made last year and it is pending. The BAYC NFT Project is a cartoon illustration of 10,000 algorithm-generated monkeys and they are all different. Prices of BAYC NFTs had risen by over 25 per cent in March.

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