Although many people remain interested in non-fungible tokens, the industry is subject to many issues. A recent list of Discord servers compromised between May 1 and May 30 indicates a pressing problem. All of these services belong to NFT projects, including some high-profile projects.
There are many reasons why criminals would try to compromise the Discord server of an NFT project. First and foremost, these Discords have hundreds, if not thousands of members. Most of these users will hold non-fungible tokens and cryptocurrency, enabling culprits to trick them into sharing their private keys or relinquishing ownership of assets.
A second reason is to hype up other projects the initial team allegedly cooperates with. It is common for projects to work together and try and hype each other up in the process. However, culprits can easily advertise worthless NFT collections – although most find themselves nearing $0 eventually – or collections with stolen artwork.
Sadly, there is a growing interest in compromising NFT Discord servers lately. The list shared on Twitter shows 70 incidents in a one-month period. Keep in mind this is during a bearish crypto market, indicating the real damage could be much bigger when markets turn bullish again. Even so, there are many reams that need to start taking security far more seriously. That includes individual staff members, moderators, etc.
Among the list of compromised NFT Discord servers are many small projects, which is rather normal. Small projects and teams often compromise security to get quick hype and momentum without a long-term vision for the project. If you ever bought a random NFT project and joined the Discord, you will get bombarded with DMs for shitty collections within the day because the initial project’s team isn’t bothered getting those people out of the server.
Sadly, there are plenty of attacks against major NFT collections too. That highlights the need for far better security in the non-fungible token industry, although it may prove difficult to come by. Members of the Discords belonging to OpenSea, RTFKT, Cool Cats, Moonbirds, Blockworks, and Trait Sniper will have noticed some irregularities throughout May 2022.
That trend is continuing in June 2022 as the Bored Ape Yacht Club Discord server got compromised a few days ago as well. It is unfortunate how things are going these days and how much of a problem basic security measures are, regardless of how much money is involved. All NFT enthusiasts are advised to remain careful when talking to people on Discord, regardless of their alleged affiliation with the collection.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.
