Hacker steals $790,000 worth of NFTs and cryptocurrencies from NFT project Rare Bears

The newly launched NFT project Rare Bears lost around $790,000 worth of NFTs and other cryptocurrencies in a phishing attack. The Rare Bears team confirmed the attack on their Twitter account:

“Unfortunately, Discord has been compromised. Please DO NOT click on any links or connect your wallet and block all DMs received on our Discord. Our team working on the situation as we speak,” Rare Bears said in a Twitter post.

Rare Bears Discord Hacked

Rare Bears is an NFTs project featuring 2,400 cartoon-themed bear tokens built on the ETH network. The creator of the collection is New Zealand digital artist Enox.

As the team explained, an attacker gained unauthorized access to the project’s Discord server. He then posed as the official moderator of the collection on the channel.

As a result, the hacker managed to share a phishing link designed to steal people’s funds.

More precisely, the attacker shared a message saying that there was a new NFT Mint and provided a malicious access link.

According to security firm PeckShield, the website shared by the hacker hosted a malicious smart contract that, when interacted with, gave them control over the victim’s wallets.

In this way, the hacker managed to steal 179 NFTs from the community – including NFTs from the Rare Bears collection – as well as other assets.

Stolen NFTs also include high value items such as NFTs from popular collections like CloneX, Azuki, and Sandbox.

After the theft, the hacker started moving the assets to your ETH address. Shortly thereafter, most of the NFTs were sold worth 286 ETH. That’s about $790,000.

It’s still unclear how the project’s Discord was compromised. However, the creators of the collection said that a hacked device may have been responsible for the breach.