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.
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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.
