Rare Bears Owner Stolen $790,000 NFT

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2022-03-18 22:45:01

On Wednesday (March 16), Rare Bears NFT community members lost $790,000 worth of assets. The reason is because Discord’s weak security has allowed hackers to spread a phishing link.

Rare Bears owner loses nearly $1 million NFT

Collectors of Rare Bears, a recently launched NFT project, lost around $790,000 in NFT and other cryptocurrencies in a phishing attack.

Rare Bears is an NFT collection of 2,400 cartoon themed bears on Ethereum. This NFT set was created by a New Zealand artist named Enox and only went public last week.

On Wednesday (March 16), an unknown account gained unauthorized access to the project’s Discord server and acted as the official moderator. This allows “he” to share a phishing link designed to steal participants money.

To avoid the incident going further, Rare Bears tweeted a alert on Twitter for its NFT holders:

Warning Tweet from Rare Bears

Details are as follows:

“Unfortunately Discord has been compromised. Please DO NOT click on any links, connect your wallet and block all incoming DMs in Discord. We are working to resolve this situation as announced.”

How Hackers Attacked Rare Bears Assets

How Hackers Attacked Rare Bears Assets
How Hackers Attacked Rare Bears Assets

The hacker shared a message saying there was a new NFT minting, providing a link to a phishing website. A user named “steldes” on Twitter posted a screenshot about what appears to be a fake message by Zhodan, who claims to be a Discord administrator. They notified members of the addition of 1,000 rare NFTs being added to the collection for the extremely low price of 0.1 ETH ($280).

According to security firm PeckShield, the website hosted a malicious Smart Contract. As a result, when interacting, the hacker will have control of the victim’s wallet. Accordingly, hackers stole 179 NFTs and other assets belonging to every community participant. Among the stolen NFTs were Rare Bears and many other high value items from famous collections: CloneX, Azuki, mfer, 3landers and Sandbox.

In the past, similar phishing attacks against NFT holders have taken place on Discord. In October 2021, someone stole $340,000 USD worth of ETH from Creature Toadz NFT project also using a phishing link.

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