An alleged SIM swap attack on the Gutter Cat Gang NFT project led to the illegal transfer of non-fungible tokens (NFTs) valued at more than $765,000. Gutter Mitch, co-founder of the Gutter Cat Gang, posted a file warning to the NFT community about the hijacked Twitter account and warn them not to click on any links.
Hackers used the hacked accounts to post fake links promising free Gutter Cat Gang NFT sneakers to individuals who clicked the links. Victims of these scams probably had no idea that their hard-earned money would disappear once the links were clicked.
To give the idea that it’s real, the tweet cleverly used the Gutter Cat Gang’s existing trademarks and images from the project’s innovative sneaker drop, which was a partnership between Puma and NBA/Charlotte Hornets star LaMelo Ball.
Mitch addresses the security breach
after the accident, Mitch provided an update, stating:
“We are currently collaborating with Twitter to regain control of the Twitter accounts linked to the hacked Gutter.”
Moreover, in a written statement, he expressed his sympathy to all those affected and reassured them that the situation was being taken very seriously.
Acknowledging the seriousness of the situation, Guter confirmed the involvement of law enforcement in the ongoing investigation of the security breach. It was revealed that the hacker had successfully taken control of co-founder Gutter Ric’s account.
Blockchain investigator raises concerns
After Gutter Mitch’s tweet, ZachXBTHe, a well-known blockchain investigator, claimed that the team fell victim to a SIM-swapping attack while expressing concerns about the team’s cybersecurity practices.
ZachXBT emphasized the need for the team to consider a compensation plan for affected individuals, noting that reliance on SMS 2FA for their social media accounts is a clear case of neglect, given the recent occurrence of SIM swaps.
In a separate discussion, ZachXBT highlighted the plight of two victims of the attack. One individual suffered the loss of a Bored Ape Yacht Club NFT of $65,913 based on current market prices, while another victim suffered the loss of around $700,000 in NFTs from various well known pools.
A closer look at the performance of the Gutter Cat Gang
The Gutter Cat Gang, introduced in mid-2021, contains a collection of 3,000 premium NFT cat avatars. open c The data shows that the current floor price of these NFTs stands at 0.5 ether (ETH), an increase of approximately 615% compared to the initial seignage cost.
Furthermore, the total volume of Gutter Cat Gang NFT transactions in the market has reached 27,400 ETH.
Featured image from Twitter, chart from TradingView.com
