Shocking Twist: ZachXBT Claims Wrong Suspect Detained in Bored Ape NFT Theft

A significant development has emerged regarding a high-profile 2022 Bored Ape NFT theft. Crypto sleuth ZachXBT, known for tracking illicit flows on the blockchain, has made a startling claim: law enforcement mistakenly detained the wrong individual in connection with the crime that saw over $1 million worth of valuable NFTs stolen.

Investigating the Bored Ape NFT Theft

In December 2022, 14 Bored Ape Yacht Club NFTs were pilfered. At the time, these digital assets were valued at approximately $86,000 each. This crypto theft was a major incident in the NFT space, highlighting security vulnerabilities and the challenges of tracking digital assets.

According to ZachXBT, the initial investigation by law enforcement led to the detention of Sam Curry, a former security researcher for Yuga Labs (the creators of Bored Ape Yacht Club), at an airport in 2023. This detention reportedly occurred because logs from the OpenSea marketplace incorrectly linked Curry’s home IP address to the incident.

ZachXBT clarifies that Curry’s IP address appeared in logs because he was actively investigating the theft as part of his security work for Yuga Labs. He had reportedly accessed a private key embedded in the website’s JavaScript by the actual threat actor.

ZachXBT’s Findings on the Crypto Theft

Leveraging his expertise in blockchain forensics, ZachXBT conducted his own investigation into the 2022 crypto theft. His work involved meticulously tracing transactions, including funds moved through Tornado, an Ethereum mixer often used to obscure transaction origins.

Through this process, ZachXBT claims to have identified the specific wallet address linked to the scam and, subsequently, an individual he believes is a more likely suspect. This individual was reportedly linked to an X account that has since been deleted.

ZachXBT expressed concern that a legitimate security researcher was detained while, in his view, stronger leads pointing to a different threat actor potentially responsible existed. He has publicly urged law enforcement officials to request data related to the newly identified individual’s social media accounts and to conduct a thorough review of associated on-chain transactions.

Implications for NFT Scam Investigations

This case underscores the complexities involved in investigating NFT scam and crypto theft incidents. Distinguishing between legitimate security research activities and malicious actions requires deep technical understanding and careful analysis of on-chain and off-chain data.

The Bored Ape Yacht Club remains one of the most prominent NFT collections, holding a cumulative market capitalization exceeding $300 million. The value of individual Bored Ape NFTs fluctuates based on unique traits, currently trading around $30,000 each.

Conclusion: A Call for Accurate Law Enforcement

The revelation by ZachXBT regarding the mistaken detention highlights potential pitfalls in tracing digital crimes without comprehensive blockchain forensic expertise. It serves as a reminder that while law enforcement is crucial in combating crypto theft, accurate identification of suspects is paramount. The focus now shifts to whether authorities will pursue the new leads provided by the crypto sleuth in their ongoing investigation into the Bored Ape NFT theft.