Ekta Mourya
FXStreet
An on-chain analyst and investigator has tracked down two scammers who defrauded investors of their Bored Ape Yacht Club NFTs. Fortunately by following a few simple steps, NFT holders can stay safe from phishing scams and impersonators in the Web3 ecosystem.
Also read: Here’s what to expect from Bitcoin, Ethereum price as Thailand tightens regulation
Over the past year, scammers have become more creative at phishing users in Web3. ZachXBT, an on-chain analyst and investigator, concluded an investigation into NFT scams and identified two phishing scammers from France who defrauded people out of NFTs worth millions of dollars from their trail of transactions.
The two scammers claimed their first victim, Twitter user Dilly Dally for Bored Ape Yacht Club (BAYC) #237 after clicking on a link shared by a verified member of the BAYC Discord and approving a transaction on a website. The user was led to believe that clicking on the link would produce an animated version of his ape. Unfortunately, he fell victim to a scam and once the transaction was approved he lost his NFT to the scammer. 
BAYC #237
The scammer sold BAYC #237 for $178,000 (47 ETH). The phishing scam continued and another user, holder of BAYC #6166 was defrauded in a similar manner. The scammer made several other attempts to defraud multiple BAYC owners on Twitter, sending them the same direct messages and a link to animate their NFT. The fraudster sold BAYC #6166 for 74.5 WETH, nearly $180,000.
The investigator identified the two scammers as Mathys and Camille from France. The two NFT holders are not the only victims of the fraudsters. The French scammers created phishing sites for Azuki, Sudoswap and Doodles, defrauding users for 497 ETH ($851,000) worth of cryptocurrencies.
Hacks are a growing concern for users and Hong Kong has seen a spike in crypto scams within the past few years. According to a recent report, crypto scams in Hong Kong climbed 105% in the first half of 2022. The irony is that Hong Kong is considered as the most crypto-ready nation in the world.
To protect against phishing scams check URLs before opening them. Do not verify or perform any activity associated with clicking on links, leading to your wallet if they are external and shared in a DM on Twitter or an email.
When an individual, platform or service asks for sensitive information, confirm whether you are at the correct URL or get in touch with the customer support team. In case of MetaMask wallets fulfill verifications through the official domain URL MetaMask.io, make sure that you do not click on sponsored ads.
If you are unaware of a website’s legitimacy, do not click on links for whitelists or airdrop. Unless you verify the source, check every URL for malicious intent. Ipqualityscore.com is one of the several services that allow you to check URL for malicious intent, before you click on it.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Tezos (XTZ) price action is printing a staggering performance in just a slim two months with 62% gains after bouncing off $1.19 and nearing $2.
XRP price is grappling with a significant resistance barrier after months of trying to flip it. The most recent failure could result in a steep correction, especially if Bitcoin price crashes.
Dogecoin price shows that the bulls are back in town and have already triggered a journey to the upside. While this outlook was expected in our previous publications, this article will also take a look into the macro outlook for DOGE.
Thailand’s central bank is working on tightening regulatory oversight on cryptocurrency platforms. The central bank is prepared to overhaul crypto rules once new amendments give it regulator powers, alongside the Thailand SEC.
Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection, its technicals support a bearish outlook for the leading crypto.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
