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Saturday, May 28, 2022

Monkey Kingdom Ends Up Losing $1.3M In Hack

Last Tuesday saw the Monkey Kingdom, the non-fungible token project of Solana, losing out on $1.3 million of the crypto funds of the community. This took place due to a security breach on Discord- which would definitely create a bad rep for the NFT which had received major backing from American DJ Steve Aoki.

According to the developers of the NFT, the hack first took place with the breach of Grape, a popular solution that is mostly used to verify users on Solana. Hackers then went on to exploit the system to take over the main account, which managed to post a phishing link in the announcement channel of the NFT on Discord.

Monkey Kingdom Succumbs To Phishing Hack 

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Users of the Monkey Kingdom who followed the link then went on to connect their wallets- expecting that they would be receiving an NFT, but instead, they were drained of their tokens of Solana by the scammer. Unfortunately, the entire event took place when the users of the NFT were gearing up for the second drop of the project. 

The Monkey Kingdom consists of 2,222 algorithmically generated NFTs which are centered around the Monkey King, or Sun Wukong- in Chinese folklore. All proceeds from the main sale of the NFTs would be going to a charity of their choosing, with the intent of supporting most of the Asian communities throughout the world. Needless to say, with such a noble cause, this was one of the most successful projects of NFT to have come from Asia. 

One user on Twitter, who went by the username commenstar, stated that they had lost around 600 SOL, which had a rough valuation of $120,400, due to the scam. But, all doesn’t seem to be lost as the staff at the Monkey Kingdom has already put aside a compensation fund for its victims and will be reimbursing them fully.

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