Quick take:
Yuga Labs is beefing up the fight against NFT scams with a dedicated new portal for all ecosystem announcements. The Bored Ape Yacht Club creator announced Wednesday via a Twitter thread that the new platform will be integrated with security features to prevent users from exploitation through phishing links and other deceptive tactics used by scammers.
“We’re excited to announce http://news.yuga.com. This is the new home for all official press releases, blogs, events, and drops,” wrote Yuga, at the beginning of a long thread that also explains the site’s security features.
We’re excited to announce https://t.co/aaZwoLevte. This is the new home for all official press releases, blogs, events, and drops. Follow the thread below for a breakdown of the site’s new security features. 🧵
Yuga Labs said its team reports more than 50 scam links or fake impersonator accounts a week, created to trick its community into clicking thinking it’s a Yuga link.
That’s why the company has designed its new portal with security in mind. Upon landing on the new site, users will “be prompted to create a one-time authentication phrase and upload an image that will only be saved on your browser,” reads a post on the Twitter thread.
The customised security features will pop up on top of the site to show the user they are on the official Yuga News site. The company also asked users to cross-reference any information claiming to be from Yuga Labs with what is reported on the official site.
The company also added that it won’t be announcing any surprise mints as an added security feature.
“There will be no surprise mints and we will never DM you requesting sensitive information. All announcements should be cross-checked through the new domain http://news.yuga.com and the brand’s channels.”
In a report published by Elliptic in August, NFT scammers stole more than $100 million in the 12 months that ended July 2022. Most of these scams were executed after unsuspecting clicked phishing links, which then led them to a deceptive site that potentially stole their seed phrase.
Yuga Lab’s leading NFT project Bored Ape Yacht Club discord server was exploited in March, with the attacker stealing Mutant Ape #8662.
That happened hot on the heels of Axie Infinity’s $625 million exploit. The NFT game platform has since joined a growing list of web3 companies adding fraud detection tools to their platforms with GeeTest.
Blockchain startup Web3 Builders recently raised $7 million to build TrustCheck, a scam prevention tool for smart contracts, NFTs and crypto transactions.
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