ApeCoin Loses Value After BAYC Confirms Discord Phishing Attack

Key Insights:

• ApeCoin’s price tanked by close to 10% on April 1.
• The price fall was in tandem with BAYC’s announcement of their Discord channel hack. 
• However, APE seems to recover from the recent losses at press time. 

After the April 1 news of Bored Ape Yacht Club’s (BAYC) Discord server hack, the governance token behind the BAYC NFT collection, APE, fell by over 10.15% on the last day.

BAYC Discord Scam

The BAYC team on April 1 revealed through a tweet that their Discord server was compromised, and the hackers even managed to steal a valuable Mutant ApeYacht Club (MAYC) NFT.

Generally, the NFTs in the MAYC collection have a floor price of 23.6 ETH, equivalent to $77.4K; however, the stolen NFT had a lower bid price of about 21.3 ETH or $69.5K. As reported by FXEmpire in a previous article, BAYC wasn’t the only one to experience this; another NFT Collection Doodles also saw a similar hack with its Discord server.

The news about BAYC’s Discord server hack sent the value of its native token APE down to as low as $12.28 on April 1.

ApeCoin Price Action

The BAYC NFT collection’s token APE plummeted by over 10% after the news of the firm’s Discord channel hack. APE fell from around $14.58 to a low of $12.28 in a matter of 12-hours, according to data from CoinMarketCap. 

ApeCoin saw a considerable uptick in volume on a short-term chart indicative of market sell-offs amid plummeting prices. However, the token was charting a recovery at press time as the alt’s price saw a larger market-driven pump pushing its price to $13.31 at press time. 

The relative Strength Index for the coin, which noted a steep decline, also picked up on a short-term chart indicating buying pressure taking over the markets. APE was airdropped to Bored Ape and Mutant Ape NFT holders on March 16 and allowed holders to vote on the project’s roadmap and upcoming proposals. 

APE’s price action since its release has been volatile, with the token falling from $39.4 to $1 before settling in the range of $14 and $16.