Protect Yourself: How to Safeguard Your NFTs from Scammers
Within the non-fungible token (NFT) ecologicalย system, hacks and scams have unfortunately become commonplace. Even the largest names in the space have fallen victim to these fraudulent activities. Recently, scammers executed a phishing attack and managed to steal five NFTs from the Blur NFT marketplace.
Details of the Attack
In a blogย post dated September 8, PeckShield, a leading blockchain security company, confirmed the incident. Unknown scammers employed a phishing attack to drain five NFTs, including Bored Ape Kennel Club #5330, Otherdeed for Otherside #68622, and Pudgy Penguins #1602.
Who is PeckShield?
PeckShield is a blockchain security company established in 2018. Their mission is to expandย the security, privacy, and usability of the entire blockchain ecologicalย system. With a track record of successfully detecting and investigating cryptocurrency scams and hacks, PeckShield is a trusted authority in the industry.
How to Protect Your NFTs
As an NFT collector, it isย importantย to be aware of theย dangers and take preventive measures. Implementing standard best practices recommended by blockchain developers and security professionals can help safeguard your digital assets.
One effective precaution is to securely store your cryptocurrency walletโs seed phrase. This phrase consists of randomly generated words representing the private keys associated with your software wallet. It is essential to keep this seed phrase safe and confidential.
Using a hardware wallet is another reliable method to protect your assets from phishing attacks and scams. Inย addition, consider utilizing a burner wallet for short-term transactions, NFT minting, or interactions with decentralized applications to further minimize scam risks.
Prior to engaging with any website or smart contract, always verify its authenticity and safety. Triple-check the portal you are using and seek guidance from trusted members of the NFT community who can provide additional safety measures.
Hot Take: Stay Vigilant and Protect Your NFTs
The prevalence of scams and hacks in the NFT space is a stark reminder that vigilance is essential. By following these security practices, you can significantly reduce the risk of sliding victim to fraudulent activities and secure the safety of your NFT investments.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
