NFTs
Cryptocurrency Scam, Phishing on Blur Marketplace. NFTs Worth $240,000 Stolen
The world of cryptocurrenciesparticularly the NFT sector, is no stranger to risks. A recent incident in the Blur market highlighted how sophisticated scams can be in this space. One user lost NFTs worth $240,000 after falling victim to a phishing scam. The news was revealed by a source at X (formerly known as Twitter).
The shot
The spoils of the robbery were three Elementals, 40 Beanz and six Bored Ape Yacht Club NFTs. These digital assets were subsequently listed for just one $WEI each on the marketplace. To put things into perspective, the $WEI is the smallest unit of ether, making the listing price practically zero.
Coup mechanism
This phishing scheme proved to be remarkably sophisticated. The scammers exploited a flaw in Blur’s listing process. By manipulating the royalty settings of high-value NFTs, they were able to divert the proceeds to their address. Using a rule that canceled existing transactions, they kept their activities hidden. The owner was unaware that the NFTs had been put up for sale. In essence, this maneuver bypassed the platform’s security measures. By manipulating the NFTs’ royalty settings, the scammer was able to bypass the platform’s restrictions on private sales. This allowed a private sale to be set up, ensuring that the transaction could only be completed from their address.
PinkDrainer scam in May
This is not the first time a similar scam has come to light.. A similar case was reported in May by Coinfomania, where a scammer named PinkDrainer stole three Bored Ape Yacht Club NFTs worth around $145,000 from user tatis.eth. This demonstrates a worrying trend of sophisticated scams in the NFT sector. Soliditydeveloper and auditor 0xExitfurther revealed the scammers’ strategies. Using the bait-and-switch technique, the scam lured the victim by promising a free NFT mint event or airdrop, promoted on social media. The user, deceived, approved a transaction on a fake website.
Final considerations
The latest phishing incident on Blur Marketplace highlights the risks in the crypto and NFT space. Scammers are constantly finding new ways to exploit system flaws and trick users. It’s crucial to stay informed and take security measures to protect your digital assets.
Safety recommendations:
- Verifying authenticity. Always check the legitimacy of websites before approving any transaction.
- Continuing education. Stay up to date on the latest scams and vulnerabilities.
- Security tools. Use wallets with advanced security features and enable two-factor authentication.
Security in the cryptocurrency world requires constant vigilance and an understanding of potential threats. Only through awareness and prevention can significant losses like those recently suffered at Blur Marketplace be avoided.