- Recently, a sophisticated NFT phishing scam was executed on the Blur marketplace, resulting in a user losing $240,000 worth of digital assets.
- The crypto community quickly responded to the theft, with 0xQuit detailing the event on social media platform X.
- Notably, six Bored Ape Yacht Club NFTs, 40 Beanz, and three Elemental NFTs were stolen and sold for a fraction of their value.
Discover the alarming rise in NFT phishing scams and how a recent theft unfolded on the Blur marketplace, costing one user $240,000 in digital assets.
How Did the Scam Operate?
According to Solidity developer and auditor 0xQuit, the scam exploited a loophole within Blur’s listing mechanism. By manipulating copyright settings, scammers bypassed the platform’s public listing protocols. Typically, bots quickly purchase low-priced NFTs, preventing scammers from profiting. However, in this instance, scammers persuaded victims to list their NFTs at elevated prices, redirecting all proceeds to the scammers’ address. Access COINOTAG FINANCE to get the latest financial and business news.
To keep their activities hidden, the scammers enforced a transaction rule that canceled any transactions not initiated by them. This ensured exclusive access to the listed NFTs. Victims were tricked into signing on a fake phishing website, promoted by impersonators offering a supposed free airdrop checker.
Why Are NFT Scams Increasing?
The rise in NFT phishing scams since late 2020 and early 2021 has been alarming. Both NFT marketplaces and individual users are being increasingly targeted, leading to substantial financial losses. For instance, last month, three individuals in the UK were accused of orchestrating a $3 million scam involving the “Evolved Apes” NFT collection. Despite these incidents, Blur has not yet responded to inquiries regarding the recent scam, leaving concerns about user security unresolved.
Key Takeaways for Users
To safeguard against such scams, users should:
- Always verify the legitimacy of websites before inputting sensitive information.
- Be wary of unsolicited messages offering free airdrops or other incentives.
- Consistently update their wallets and enable two-factor authentication.
- Stay updated on common phishing tactics and emerging scams.
- Report suspicious activities to the platform and the community immediately.
The Blur market phishing scam underscores the necessity for users to stay vigilant, as NFT platforms are increasingly targeted by sophisticated scams.
Conclusion
The recent NFT phishing scam on the Blur marketplace highlights the growing sophistication of cyber threats within the crypto space. It’s crucial for users to adopt robust security practices and remain cautious of phishing tactics. Staying informed and updated can significantly mitigate risks and help safeguard digital assets in this volatile market.
