ApeCoin (APE) Is Nearing Its All-time High Price as the Bored Ape Yacht Club Loses Around $3 Million After the Community’s Instagram and Discord Accounts Were Hacked

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ApeCoin (APE), an Ethereum-based utility and governance token that is intended to power the Bored Ape Yacht Club (BAYC) community, is currently experiencing a relief rally of sorts following social media hack that left minimal collateral damage in its wake.

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To wit, as per the information trickling in, the hack was purportedly carried out via a defective “mint” link that claimed to allow its users the ability to mint virtual land in the upcoming Otherside Meta project – BAYC’s first metaverse offering that is scheduled to launch later this week and which will allow virtual land sales denominated in ApeCoin. The Otherside is expected to be a role-playing game that will allow players the ability to use a large number of BAYC NFTs as avatars.

Coming back, the hack resulted in the theft of at least "4 Bored Apes, 6 Mutant Apes, and 3 BAKC, as well as assorted other NFTs," as per a statement by BAYC. The stolen NFTs currently have a floor price of around $3 million. The total number of compromised wallets is still uncertain, although it is likely to constitute a small percentage of the overall ecosystem.

As stated earlier, ApeCoin is intended to power the Bored Ape Yacht Club, a collection of 10,000 profile pictures minted as NFTs on the Ethereum blockchain. Developed by Yuga Labs, the Bored Ape Yacht Club is an exclusive NFT-focused organization, with entry reserved for only those individuals who actually own an eligible NFT. As a refresher, a Non-Fungible Token (NFT) is a deed of ownership of sorts for a digital item, thereby turning it into an asset.

Bear in mind that Yuga Labs did not create the ApeCoin. Instead, it is the brainchild of ApeCoin DAO, a Decentralized Autonomous Organization (DAO) created to govern the token and its future development.

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Source: https://coinmarketcap.com/currencies/apecoin-ape/

ApeCoin is currently trading at $18.09, just spitting distance from its all-time high price of $18.19. The swift recovery in the coin’s price suggests that investors remain unfazed in the wake of today’s security breach that only managed to target the peripheral social media tangents.

Correction:

A previous version contained an incorrect amount related to the theft

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