Yuga Labs Successfully Recovers Hijacked NFTs, Pays ETH Reward

Hacker Surrenders Stolen NFTs Post Bounty Payment

In a recent digital security incident, Yuga Labs has triumphantly retrieved their stolen Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible tokens (NFTs). This feat was accomplished following a strategic bounty payment made to the perpetrator behind the theft.

The incident unfolded on December 16 when the NFT Trader platform, a hub for peer-to-peer NFT transactions, was compromised. This breach resulted in a significant loss, approximating $3 million worth of NFTs. The hacker, asserting their good intentions despite limited technical acumen, demanded a bounty for the return of the stolen digital assets.

In the hacker's own words: “If you want the monkey nft back, then you need to pay me a bounty, which is what I deserve.”

The Boring Security DAO, a community-led initiative focused on digital security within the blockchain space, spearheaded the recovery efforts. Acting upon the hacker's request, they arranged a bounty payment totalling 120 Ether (ETH), which translated to about $260,764 at the time of the transaction.

The hacker had laid out specific demands regarding the compensation for their 'efforts'. They sought a 10% Ethereum equivalent of the stolen NFTs' floor price, which included 36 BAYC and 18 MAYC tokens.

Greg Solano, Yuga Labs' co-founder, was reported to have personally financed the bounty. Yuga Labs, the creator of both BAYC and MAYC collections, played a crucial role in the negotiations leading to the recovery. Following the successful transaction, the stolen tokens were redistributed to their rightful owners without any additional cost.

To comprehend this situation better, imagine a virtual art gallery where unique digital masterpieces are showcased. Suddenly, a digital intruder bypasses the security, snatching several precious artworks. In response, the gallery offers a reward to the intruder for the safe return of the artworks, averting a major loss.

Despite the successful recovery of these valuable NFTs, the event casts a shadow on the security of digital assets, underscoring the vulnerability of even the most prestigious digital collections.