An unfortunate user loses hundreds of thousands of dollars in NFT phishing scam 🎣
If you’re active in the crypto space, it’s essential to stay alert to potential scams that could cost you dearly. Recently, a user fell victim to a sophisticated phishing scam on the Blur marketplace, losing non-fungible tokens (NFTs) valued at hundreds of thousands of dollars. Here’s what happened:
How the scam unfolded 🔄
– A user reported a loss of six Bored Ape Yacht Club NFTs, 40 Beanz, and three Elementals on Blur marketplace.
– These assets were listed at one wei each, effectively zero in terms of value.
– The total sum of the stolen NFTs amounted to roughly $239,676 based on current floor prices.
– The scam was orchestrated by an unknown entity who exploited a loophole in Blur’s listing system to enable private sales.
– Despite Blur’s policy of not supporting private listings, the scammer manipulated royalty settings of the NFTs, bypassing public accessibility requirements.
Evolution in scam tactics 🚀
– Scammers are adapting their tactics to avoid detection and maximize profits:
– By tricking people into listing NFTs at high prices with proceeds going to the scammer’s address.
– Setting up rules that cancel transactions if it’s not the scammer trying to buy, effectively making the sale private.
– This ensures that only the scammer can fulfill the transaction, preventing others from intercepting low-priced listings.
Rise in NFT-related scams 📈
– The surge in NFT popularity has brought about a corresponding rise in scams, causing headaches for marketplaces and users.
– Authorities are cracking down on scammers responsible for multimillion-dollar heists, with recent cases of individuals being charged for orchestrating NFT-related scams.
– It’s crucial to remain vigilant and implement security measures to protect your digital assets in the evolving landscape of crypto scams.
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