NFT Project Rare Bears Attacked by Hacker, $800,000 in NFTs Stolen

An non-fungible token (NFT) project known as Rare Bears has fallen victim to attack by a hacker. Unfortunately, the hacker has been able to steal $800,000 in NFTs,

The attack was done when the hacker was able to compromise the Discord account of the moderator of the project's channel. Aside from the Rare Bears NFTs, NFTs from other collections as well as LAND tokens have been stolen as well.

The team behind Rare Bears has issued an update on the hack, stating that they have regained control of the Discord channel. Furthermore, the team confirmed that the project head is the owner of the Discord server.

NFT Project Rare Bears Attacked by Hacker

An NFT project called Rare Bears has been attacked by a hacker who managed to steal $800,000 in NFTs.

According to a report by Cointelegraph, the hacker was able to steal the NFTs by posting a phishing link in the Rare Bear's Discord channel.

A total of 179s have been stolen. Aside from Rare Bears, NFTs from other collections such as Azuki and CloneX have also been stolen. In addition, six LAND tokens that are used for the popular metaverse, The Sandbox, have been stolen as well.

"Most of the NFTs were sold, netting the hacker 286 Ether (ETH), worth over $795,500, most of which was promptly put through Tornado Cash, a crypto mixer used to obfuscate the source of funds," per the Cointelegraph report.

How the Attack Happened

Cointelegraph narrates in its report that the hacker was able to gain access to the project's Discord via the account of a moderator whose account the hacker was able to compromise. The hacker then posted a fake announcement that a new mint is taking place.

The hacker went on the ban other members from the server as well as remove roles so that the phishing link could not be deleted. A bot was also added to the Discord channel so that all channels were locked and that no one could communicate regarding the phishing link.

The team behind Rare Bears issued an update on Twitter. According to the update, ownership of the Discord channel has already been regained. The team likewise confirmed that a security audit was performed.

The update likewise mentioned that the project head is the owner of the sever and that it was the project head's account that was compromised. However, it was also reiterated that the owner of the server cannot be kicked out, banned, and overpowered.

You can read the full update below:

Rare Bears NFTs

Rare Bears is a collection of 2,400 unique and hand-drawn bear-themed NFTs. The collection had its pre-sale mint on Mar. 12, while the public sale of the NFTs took place the day after.

The collection can be viewed on OpenSea once minting has been completed.