Home » Jay Chou’s account was stolen 3 million, I responded urgently: not an April Fool’s joke… – Digital Currency / Blockchain

Jay Chou’s account was stolen 3 million, I responded urgently: not an April Fool’s joke… – Digital Currency / Blockchain

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Jay Chou’s account was stolen 3 million, I responded urgently: not an April Fool’s joke… – Digital Currency / Blockchain

On April Fool’s Day, Jay Chou posted on social media that his NFT was stolen, and stressed that it was not a joke! Get people’s attention. It is reported that Jay Chou’s stolen NFT belongs to one of the most popular projects in the current circle, the Boring Ape Yacht Club (BAYC). According to the current price, the NFT is worth over 3.2 million yuan.


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Millions of NFTs were stolen

On April 1st, Jay Chou posted on Instagram that he was told by phone that the BAYC #3738 NFT he had previously received had been stolen by a phishing website. He thought it was an April Fool’s joke, but he didn’t expect to check it and found that it was really gone. And at the end of the article attached the tags “Everyone please be careful” and “This is not an April Fool’s joke”.

Source: Instagram
Source: Instagram

It is understood that BAYC #3738 NFT is Jay Chou who received it from a friend in January this year. LOOKSRARE information shows that after the NFT was transferred from Jay Chou’s address earlier today, it changed hands several times in just 1 hour, and changed hands at 130 ETH and 155 ETH respectively. Calculated at the current ETH price, Jay Chou’s stolen NFT is worth more than $500,000, equivalent to over 3.2 million yuan.


In this regard, many netizens said that NFTs are not as safe as they advertise, and due to the low cost of theft and the extremely high profits, more care should be taken for the security of NFT accounts.

Collectibles worth tens of millions were stolen and resold at low prices

2021 is the year when NFT (Non-Fungible Token, non-fungible token) explodes. According to DappRadar data, the transaction volume of NFTs in 2021 will exceed US$23 billion, of which the top 100 NFT collections have a base market value of US$16.7 billion.

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However, with the sharp increase in value, NFT has also become the target of some criminals and hackers, and related NFT theft incidents emerge one after another.

Fund Jun once reported an incident of the theft of sky-high NFT collections in February. An overseas user posted that he had just lost all the BAYC series NFTs, and these NFTs were subsequently resold by hackers at a price about 10 times lower. He said that the hacker sold all his collections for 100 Ethereum, with a total value of only 275,000 US dollars (about 1.8 million yuan), but according to the scarcity and non-replicability of the collections, the value of his collections should be in 1000 Ethereum, about 2.7 million US dollars (about 17.28 million yuan).

Afterwards, although these NFTs were “frozen” by the trading platform Opensea. But unfortunately, according to blockchain data, the e-wallet of the hacker who carried out the theft has managed to transfer 600 ETH worth about $1.5 million to his Tornado Cash account.

It is worth noting that Jay Chou’s stolen NFT collection belongs to the same project as this user – the Boring Ape Yacht Club and its derivative work, the Mutant Ape Yacht Club.

According to Opensea data, the Boring Ape Yacht Club (BAYC) was launched on April 30, 2021, and consists of 10,000 monkey NFTs with different characteristics and attributes, priced at about $200 each when it goes online. On the night of the launch, all 10,000 generated cartoon apes were sold out. The cost of these cartoon apes at the time was just 0.08 ETH.

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Soon after, the price of these “apes” skyrocketed and became one of the most popular projects in the NFT market. NBA star Stephen Curry, singer JJ Lin, Justin Bieber, Jay Chou, Madonna and many other celebrities have started Boring Ape NFT avatar. Among them, the price of the boring ape NFT bought by Justin Bieber reached 1.3 million US dollars (about 8.3 million yuan).

According to DappRadar data, up to now, in the secondary market transactions, the total sales of the Boring Ape NFT project has exceeded 1 billion US dollars, the total market value has exceeded 3.5 billion US dollars, the number of transactions has exceeded 10,000, and the market base price has reached nearly 350,000 US dollars. It is reported that the most expensive NFT (No. Bored Ape #8585) sold in this series is as high as 2.7 million US dollars (about 17.28 million yuan).

Domestic platforms go to financial attributes

In addition to the risk of hacker theft, NFT projects with a surge in value are also widely disputed in the field of regulatory standards and nature standards, and domestically, there are risks such as speculation, money laundering and financial productization. Therefore, the current focus of digital collections on domestic platforms lies in Collection properties, not financial properties.

According to the research of Tianfeng Securities, there is still a hype problem in NFT, that is, the limited issuance and scarcity of NFT can easily lead to hype and price bubbles; The digital content that has been on the chain is traced to the source to ensure the authenticity and ownership of the digital content after it is on the chain. However, there are loopholes in the asset confirmation link before the digital content is minted into NFT, and the minting platform cannot confirm the copyright ownership of the digital content. The third is the issue of energy consumption, that is, the surge of NFT products and transaction volume will consume a lot of energy and have a negative impact on the climate.

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The People’s Daily commented that the legal nature, transaction method, supervision subject, and supervision method of NFTs in China are not yet clear. NFTs have risks such as speculation, money laundering, and financial productization. We should maintain a cautious attitude toward NFT investment and be wary of “beating drums to spread flowers.” ” financial scam.

Judging from the current development of domestic NFT digital collections, the larger digital collection platforms “Whale Scout” and “Magic Core” both focus on the issuance of digital collections, and do not allow the resale transaction of digital collections, and many Measures were taken to rectify the over-the-counter trading and speculation of digital collections. Tencent’s WeChat platform has also recently removed the relevant digital collection platform mini-programs, and banned a large number of WeChat public accounts suspected of “NFT digital collection trading” business.

Regarding the development of digital collections in China, CITIC Securities stated that the technical characteristics of NFT make it a possible solution to the problem of digital assets, but many issues such as commercialization and subsequent development paths are still unclear, and it is also necessary to pay close attention to market uncertainties and policies. Regulatory guidelines.

Cinda Securities pointed out in a research report that the development path of NFT in China will follow a business model different from that of overseas markets. It will start more from copyright protection and asset confirmation, and explore the development path of no currency. In the issuance of digital collections, Explore and establish Chinese rules and standards in terms of sales, circulation, etc.

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