User Loses $240,000 in NFT Scam

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A user recently fell victim to a sophisticated NFT phishing scam on the Blur marketplace, losing $240,000 worth of digital assets. This shocking theft quickly resonated within the crypto community and was detailed by 0xQuit on social media platform X. During the heist, valuable collections, including six Bored Ape Yacht Club NFTs, 40 Beanz, and three Elemental NFTs, were stolen and sold for nearly nothing.

How Did the Scam Operate?

The scammers exploited a loophole in Blur’s listing system, as highlighted by Solidity developer and auditor 0xQuit. By manipulating the copyright settings of the NFTs, the scammers bypassed the platform’s public accessibility requirement. Typically, automated bots buy low-priced NFTs quickly, preventing scammers from benefiting. However, in this instance, the scammers convinced the victims to list their NFTs at high prices, thereby ensuring all the proceeds went directly to the scammer’s address.

To keep the sale covert, the scammers implemented a rule that canceled any transactions not initiated by them. This method ensured that only they could access the listed NFTs. Victims were often tricked into signing something on a phishing website promoted by an impersonator on social media, who claimed to offer a free airdrop checker.

Why Are NFT Scams Increasing?

This incident is part of a broader trend of growing scams targeting the NFT market since late 2020 and early 2021. Both marketplaces and users are frequently targeted, leading to significant financial losses. For instance, last month, three UK citizens were accused of orchestrating a $3 million scam involving the “Evolved Apes” NFT collection. Despite such events, Blur has not responded to requests for comments about the recent phishing scam, leaving many questions about user security unanswered.

Key Takeaways for Users

To protect themselves from such scams, users should:

• Always verify the authenticity of the website before entering sensitive information.
• Be cautious of unsolicited messages about free airdrops or other offers.
• Regularly update their wallets and use security features like two-factor authentication.
• Stay informed about common phishing techniques and new types of scams.
• Immediately report any suspicious activity to the platform and community.

Given the phishing scam on the Blur market, users should remain vigilant as NFT platforms are vulnerable to sophisticated attacks.

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