Gutter Cat Gang Hack: Over $765,000 Worth Of NFTs Lost In SIM Swap Attack

An alleged SIM swap attack on the Gutter Cat Gang NFT project resulted in the illegal transfer of non-fungible tokens (NFTs) valued at more than $765,000. Co-founder of the Gutter Cat Gang, Gutter Mitch, posted a warning to the NFT community about the hijacked Twitter account and cautioned them against clicking any links.

The hackers used the compromised accounts to spread fake links promising free Gutter Cat Gang NFT sneakers to individuals who clicked on the links. The victims of these scams likely had no idea that their hard-earned money had vanished once they clicked on the links.

To give the notion that they were real, the tweets cleverly used current Gutter Cat Gang branding and images from the project’s innovative sneaker drop, which was a partnership between Puma and NBA/Charlotte Hornets star LaMelo Ball.

Mitch Addresses Security Breach

Following the incident, Mitch provided an update, stating:

“We are currently collaborating with Twitter to regain control of the compromised Gutter-associated Twitter accounts.”

Furthermore, in a written statement, he empathized with all those affected and they were reassured that the situation was being taken very seriously.

Acknowledging the severity of the situation, Gutter confirmed the involvement of law enforcement in the ongoing investigation into the security breach. It was revealed that the hacker had successfully gained control of co-founder Gutter Ric’s account.

Blockchain Investigator Raises Concerns

After Gutter Mitch’s tweet, ZachXBT, a well-known blockchain investigator, claimed that the team had fallen victim to a SIM swap attack while expressing concerns about the team’s cybersecurity practices.

ZachXBT emphasized the need for the team to consider a compensation plan for the affected individuals, stating that it was a clear case of negligence to rely on SMS 2FA for their social media accounts, given the recent occurrences of SIM swaps.

In a separate discussion, ZachXBT highlighted the plight of two attack victims. One individual suffered a loss of a Bored Ape Yacht Club NFT valued at $65,913 based on current market prices, while another victim suffered a loss of around $700,000 in NFTs from different well-known collections.

A Closer Look At Gutter Cat Gang Performance

Gutter Cat Gang, introduced in mid-2021, has a collection of 3,000 distinct NFT cartoon cat avatars. OpenSea data shows that the current floor price for these NFTs stands at 0.5 Ether (ETH), a surge of nearly 615% compared to the initial minting cost.

Crypto total market cap chart | Source : TradingView

Moreover, the total volume of Gutter Cat Gang NFT transactions on the market has reached 27,400 ETH.