Scammers Out In Full Force After ApeCoin Announcement

The ApeCoin launch has created quite a flurry in the crypto space. However, the impatience of the community has also meant that scammers are out to have a field day, targeting individuals gullible enough to fall for their elaborate ruse. 

After the announcement, Twitter was filled with scammers targeting users through hacked verified Twitter accounts. 

ApeCoin Issues Advisory 

In fact, the situation is so serious that ApeCoin had to step in, issuing an advisory to users, asking them to be watchful when dealing with any website that isn’t the official ApeCoin website, and never to give away your seed phrase. ApeCoin tweeted, 

“BEWARE: Scammers are out in full force. http://Apecoin.com is the only official website. Always be extremely suspicious when connecting your wallet to a website, and NEVER type your seed phrase.”

The official Twitter handle of the token also posted the ApeCoin contract address to clear any confusion and reminded the community that the token claim would not be live until 8:30 AM ET and would be announced on the official handle. 

Modus Operandi 

On-Chain sleuth Zachxbt posted a fairly informative thread on his Twitter handle, shedding light on the modus operandi of the scammers. He revealed that shortly after the announcement of the ApeCoin token, scammers swung into action, setting up a phishing site. Once the site was set up, they turned to Twitter, using hacked verified Twitter accounts and using bots to tag users in replies. 

Because it is a phishing website, once any gullible user connected their wallet to the website, it immediately drained all NFTs and ETH in the wallet. The scammer that Zachxbt talked about in the thread made around $73,500 or 26.1 ETH. At the moment, the scammers are trying to sell the stolen NFTs in their possession. He also revealed that the scammers had also managed to steal an Azuki NFT. He also shared the scammer’s wallet address in the thread. 

A Slightly Different Approach 

Typically, scammers buy verified Twitter handles that have been stolen or hacked and then use them to connect with unsuspecting users. The scammer masquerades as an NFT promoter and swindles users through fake giveaways and through suspicious projects. However, they went a step further this time, launching a phishing website and prompting people to connect their wallets to it. Zachxbt also shared a couple of tools that users could use to revoke approvals if they had doubts about the website’s authenticity. 

Several Warnings On Twitter 

Prominent Twitter users set off warnings on the handles, advising people to be vigilant and not interact with handles or websites that are not the Bored Ape Yacht Club or ApeCoin website. They also reminded users that no $APE token was being given away free today. 

The ApeCoin Token Launch

The unprecedented activity on Twitter and the scammer account is a result of Yuga Labs announcing the launch of ApeCoin, which has been eagerly awaited ever since BAYC announced plans for the token, describing the ApeCoin token as a token for gaming, culture, and commerce. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.