Stolen Assets: Nearly $800,000 Lost in Rare Bears NFT Discord Breach

Holders of Rare Bears NFTs experienced a significant breach on their community’s Discord, leading to an alarming loss of nearly $800,000 worth of digital goods during a phishing attack. An unidentified intruder accessed the official moderator’s account on the Rare Bears server and disseminated a phishing link. The team acknowledged that there had been multiple security failures and admitted to not having implemented adequate protective measures.

Following the restoration of control over the channel and after apologizing to the community, the founders of Rare Bears introduced a new Discord security manager to oversee future audits.

According to the team’s new auditor The assailant took over the Discord account of the project leader, who was overseeing the Rare Bears server. Subsequently, the hacker published an 'official' announcement in one of the channels concerning a new NFT release. Furthermore, this individual disabled permissions for other members, preventing them from posting warnings about the phishing link.

The fraudulent announcement proclaimed that an extra batch of 1,000 unique NFTs priced at 0.1 ETH had been added to the collection and were ready for minting.

The compromised account also invited a bot to lock down all channels, thereby preventing any member from alerting others about the nonexistent NFT collection.

After resolving the issue, the Rare Bears team opted to compensate the affected community members by airdropping 50 bear NFTs on March 22.

"We apologize for this unfortunate incident, and we genuinely care about making amends. While we cannot restore your funds, we are offering 50 bear NFTs and future benefits,\" stated the founders of Rare Bears on Discord.

The Rare Bears NFT collection comprises 2,347 unique hand-drawn ‘retro bears from the future,’ crafted by the artist Enox, with its launch happening earlier in March. The community supporting this NFT project has amassed over 118,000 followers on Twitter and has gained recognition as ‘one of the most buzzworthy NFT projects’ by NFT verse .

If you want to learn how to mint NFTs on Solana, check out our beginner's guide. guide .

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