There are many risks in the crypto world, especially when dealing with NFTs. These risks were brought to the forefront by a recent incident on Blur Marketplace. After falling for a scam, a user lost over $240,000 worth of NFTs. A user lost $240,000 in NFTs after falling for a phishing scheme. source On, X(Twitter) This information is revealed.
The fraud was aimed at three Elementals NFTs, forty Beanz and six Bored Ape Yacht Club NTs. Source:
Three Elementals and 40 Beanz. Bored Ape Yacht Club NFTs Fraud was perpetrated on the victims. These NFTs, which were stolen from the victims and then sold on the Marketplace for only one $WEI, became the targets of fraud. To put this in context, $WEI represents the smallest amount of ether. Therefore, listing prices are almost zero.
The Scam: How it Worked
The scam was very sophisticated. The scam exploited a flaw in Blur’s list-up procedure. The scammer changed the settings for copyright on NFTs of high value. This redirection of the proceeds to their addresses allowed them to benefit from the scam. The scammers used a system that cancelled existing transactions in order to hide their activity.
Owner was not aware that scammer listed NFTs. This was a way to bypass the security of the platform. The scammer was able to circumvent the anti-private listing restrictions of the platform by manipulating the NFTs royalty settings. As a result of this, they were able establish a “private sale” and ensure that only their address could complete the transaction.
![PinkDrainer's fraud in May](https://fxruhanahmed.com/2/wp-content/uploads/2024/07/240000-Worth-of-NFTs-Stolen-in-Blur-Marketplace-Scam.png)
PinkDrainer fraud from May. Source:
Solidity developer and auditor 0xQuit revealed the strategies of scammers. By using the “bait-and-switch” technique, fraudsters lured victims in with promises of a NFT minting or airdrop that were promoted via social media. After being duped by scammers, the user approved an unknowingly transaction on a fake website.
This is not an isolated incident. Coinfomania reported a similar phishing scam in May, where a scammer named PinkDrainer ‘drained’ the user tatis.eth of three Bored Ape Yacht Club NFTs worth about $145,000. It is a worrying trend to see sophisticated scams being perpetrated in the NFT market.
Conclusions
This recent scam in Blur Marketplace shows the risk of crypto- and NFT space. Scammers constantly find new ways to take advantage of system weaknesses and trick users. It is important to stay up-to-date and implement security measures.
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Source: nftevening.com