Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong NFT project Monkey Kingdom loses US$1.3 million in hack

Hong Kong NFT project Monkey Kingdom loses US$1.3 million in hack

Monkey Kingdom fraud is the latest in a series of scams seen in the space in recent months as the popularity around NFT reaches fever pitch.

Popular non-fungible token (NFT) project Monkey Kingdom, founded by entrepreneurs in Hong Kong and promoted by celebrities such as JJ Lin and Steve Aoki, had its group chat hacked on Tuesday, allowing a cyber thief to steal nearly US$1.3 million worth of cryptocurrencies with a phishing link.

A hacker stole an administrator account of the project’s group chat on Discord, a popular online instant messaging service, and posted a phishing link in the group chat on Tuesday, just as the project kicked off a new sale in earnest. Buyers lost more than 7,000 Solana, a popular cryptocurrency, to the scam, which amounts to nearly US$1.3 million.

Phishing is a common form of online fraud often used to steal user data, including login credentials and credit card numbers. It occurs when an attacker, masquerading as a trusted entity, dupes a victim into opening an email, instant message, or text message. It is now being used to breach access to users’ cryptocurrency wallets.

This is the latest in a series of scams seen in the NFT space in recent months as the popularity around NFT reaches fever pitch. Sales volume of NFTs surged to US$10.7 billion in the third quarter of 2021, up more than eightfold from the previous quarter, according to data from market tracker DappRadar.

Launched on November 27, Monkey Kingdom, which comprises 2,222 digital portraits of the mythical hero Monkey King dressed in different styles, has quickly become one of the most talked-about NFT projects in Asia, with endorsements from celebrities including Steve Aoki, JJ Lin and Ian Chan of the Hong Kong-based boy band Mirror.

In addressing the hack, the project made a post on Twitter on Tuesday, saying: “At 10:00pm HKT when our presale began, our Announcement channel on Discord was hijacked by a bot named ‘Monkey Kingdom’ while our website was experiencing traffic. A discord webhook got compromised and posted a phishing link to the Announcement channel.”

A Monkey Kingdom buyer, whose Twitter handle was “commenstar”, took to the social media platform to share his loss on Tuesday. “Guys I got drained 650 SOL,” the buyer said, “Never thought it was not a legit mint link in [the] official discord [channel.”

On Wednesday, the project announced on Twitter that it has earmarked 7,056 Solana for a “compensation fund” to help refund buyers who were scammed by the hack.

Monkey Kingdom did not immediately reply to a request for comment by the South China Morning Post on Wednesday.

Hong Kong native Andrew Man, a real estate investment professional by day and an NFT enthusiast by night, said that scams have become common occurrences in the world of NFT as its popularity surges.

“It’s become very common. Almost every week, someone in my WeChat group would say that some NFTs have been stolen,” he said, “A friend of mine lost a plot of land in The Sandbox.” The Sandbox, an NFT-powered video game, sells plots of land in its virtual world as NFT to users.

He said that phishing links are a common ploy by which thieves can steal from cryptocurrency holders. Some phishing links ask users to share the so-called “seed phrases” to their virtual wallets, which can compromise their wallets.

Founded by a team of eight pseudonymous crypto enthusiasts, Monkey Kingdom represents a new breed of NFT start-ups in Hong Kong.

Monkey Kingdom aims to compete with other popular NFT profile picture projects in the West, such as CryptoPunks and Bored Apes Yacht Club, with a focus on Asia. “We believe in the Monkey Kingdom mission, and will make it a point to champion the Asian voice in the Web 3.0 ecosystem – shining a light on our rich cultures, and sharing it with the world,” the project wrote in a tweet on Tuesday.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×