Wednesday, November 30, 2022

Yuga Labs Co-Founder Warns Of Possible Attack: Report

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Yuga Labs co-founder warns of a possible attack that involves their social media account after getting information that an insider from Twitter will help bypass the security of the accounts so let’s have a closer look today at our latest cryptocurrency news.

Gordon Goner, the pseudonymous Yuga Labs Co-founder warned about a possible incoming attack on the social media account after getting information that an insider from Twitter will be involved. Yuga Labs is home to one of the most popular NFTs like the Bored Ape Yacht Club and Otherrside and they approached Twitter for security after getting information about an orchestrated attack on the social media accounts. Soon after warning the community, Twitter officials started monitoring the activities on the accounts in addition to fortifying the existing security and while issuing the proactive warning, Goner informed investors that the company will nto conduct surprise mints.

The popularity on public demand of Yuga Labs NFT offerings resulted in the rise of ape-themed scams as attackers already managed to breach into the BAYC and Otherside Discord groups and made away with over 145 ETH. Soon after the warning was issued, Twitter officials started monitoring the activities on the accounts in addition to enhancing their existing security. One million tokens valued at $1.3 million were sold off and a million tokens valued at $730,000 were transferred to Buterin’s ETH address on Optimism and the remaining 18 million tokens remained dormant.

As recently reported, The company behind the Bored Ape Yacht Club franchise Yuga Labs refunded gas fees for everyone that made a transaction that failed during the Otherdeed mint last weekend. More than $157 million in ETH was burned in gas during the NFT mint and drove transaction fees ont the blockchain to new highs not seen since the launch last autumn when every ETH user was affected. Some of the other side customers reported paying more than double the sale price of the 305 APE worth $5800 at the time in gas fees alone while others saw their transactions fail but still got charged for gas. About 56% of the ETH coins burned from April 25 to May 2 were caused by the mint and yuga Labs spent 90.57 ETH or around $265,500 on refunds as per Etherscan. The biggest individual refund cost Yuga 2.6 ETH while the gas fees incurred by the company hit around $770.

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