Inca Digital CEO on the Wave of Crypto Hacks

A $3 million theft from holders of Bored Ape Yacht Club and other related NFTs has added to what’s a rapidly growing list of large cryptocurrency thefts. On Monday, Yuga Labs—the startup behind the popular digital art collection—said a hacker posted a fraudulent link on the collection’s Instagram account publicizing a fake airdrop, or free giveaway, of NFTs. That led some Bored Ape holders to transfer millions of dollars worth of NFTs to the hacker.

Before this latest hack, scammers had stolen hundreds of millions of dollars worth of blockchain-based assets already this year. Adam Zarazinski, the co-founder and CEO of blockchain security and analytics firm Inca Digital, says the hacking spree follows the rising popularity of digital assets.