The newly launched ApeCoin has seen its price drop significantly after the Bored Ape Yacht Club (BAYC) Discord servers suffered a phishing scam. As the month started, the governance token fell by over 10.15%. At the time of writing this article, ApeCoin was trading at $12.28. According to data from CoinMarketCap, the token has lost 14.75% in the last seven days.
The BAYC team said its Discord server was compromised in a tweet on April 1. It highlighted that the hackers managed to get away with a valuable Mutant Ape Yacht Club (MAYC) NFT. Another NFT Collection called Doodles suffered a similar attack with its Discord server.
The hackers are said to have posted a phishing link on the Mutant Ape Kennel channel. It was disguised as a stealth NFT mint, which was used to steal Mutant Ape Yacht Club #8662 from one user.
The Bored Ape Yacht Club took to Twitter to inform its users and holders not to mint anything from any Discord right now. It said a webhook in its Discord was briefly compromised but BAYC caught it immediately. The team highlighted that this wasn’t an April Fool’s prank or stealth mints or airdrops. It pointed out that other Discords have also been attacked.
ApeCoin was airdropped to Bored Ape and Mutant Ape NFT holders on March 16. The token functions like a governance token for the project’s newly launched DAO. ApeCoin allows holders to vote on the project’s roadmap and upcoming proposals. Its price action has been quite volatile since its launch. APE went as high as USD 39.4 before settling for the $14 – $16 range. But after the hacking incident, the price has gone down to $12.