Top 10 NFT Scams And How To Protect Yourself From Them

Top 10 NFT Scams And How To Protect Yourself From Them

The popularity of NFTs in the market has only grown in recent months, and like anything that has become popular in the digital environment, criminals have begun to devise ways to use the subject to expose various scams aimed at Making Money Easily Through Digital Assets .

The fact is that the market is so new that it helps scammers to deceive people, because it is still difficult to find reliable and accessible sources of information, which is why entering the industry, buying NFT. And it is difficult to start investing in these assets. Risky situations, in which, if the user does not take the necessary care, can cause real headaches.

Knowing this perspective, ESET shared with him. Canaltech List of the most common NFTs and how users can protect themselves from them. Check it out below:

Top NFT scams

Scams through direct messages on Discord

ESET claims that Discord is very attractive to cybercriminals and there are various types of scams that can be applied through the platform. As a result of theft. Solana cryptocurrency worth about $ 150,000 from a user’s wallet.

In other types of discarded scams, fraudulent users can send direct messages to friends of friends or by imitating well-known brands in the NFT market, which may demand certain transactions or personal data from the target. Can compromise with the assets of

To avoid falling victim to these scams, it is recommended that you never click on suspicious links or anonymous accounts – and if it comes from a recognized user, then another verification to confirm the authenticity of the connection. Channel must be found.

Fake profiles on social media

On both Twitter and other social networks, users should learn to live with fake profiles that try to implement scams from various fields. To protect yourself from these issues, it is always important to keep track of the account posts and identifiers, which can often use the same letter (e.g. uppercase I in lowercase letters) so that a brand Try to imitate the officially attached vehicle. .


An example of an NFT phishing site trying to mimic a popular non-fungal token marketplace. (Photo: Publicity / ESET)

It is very common for criminals to create fake websites that are similar to NFT stores, digital wallets, etc., trying to obtain sensitive data from targets, in another application of the famous phishing scandal. To avoid these risks, ESET recommends that users always carefully review incoming links before clicking on them, and as far as possible avoid sharing personal information and access to NFT wallets with third parties. Do

Imitation of artists or creators

It is important to always look for ways to get original NFTs from the authors. (Photo: Playback / Sound Result)

Want to buy NFTs directly from the artists responsible for the art? It is recommended to always search the official profiles of the authors on social networks instead of resorting to resale services, because with the photographers you will be sure that you are buying the original work. And not a copy made without permission. Or even he already belongs to someone else.

Schemes Pump and dump

Pump and dump A scam is a model in which a person or group of people buys a large amount of NFT (and that is) Token Or cryptocurrency) to increase demand and thus increase its value.

These scams attract naive consumers who believe the price will go up and who feel they have a great opportunity. However, once the value of NFT or other assets increases, fraudsters lose all their assets and make significant profits from them, leaving the victims with useless NFTs and massive losses. ۔ To detect this type of transaction, ESET recommends reviewing the transaction history, as if it were a real project, with a buyer limit.

Is running Pulling the carpet

This type of fraud occurs when the people in charge of a project abandon it and keep the investors’ money. When the value Token And the number of investors reaches a certain point, the counterfeiters vacate them. Pool Decentralized exchange (DEX) liquidity causes the value of corrupt assets to fall and the owners of these assets are unable to sell them.

These scams are often hidden in controller software as bug bugs and can take a long time to fix.

Auction scandal

One of the most popular scams involves fake bidding on non-fungal tokens. In these cases, one bids the NFT at the base price at which the consumer can bid, but the fraudster, unfamiliar with the seller, exchanges the cryptocurrency they buy at a lower price.

To avoid falling into this type of scam, ESET recommends that you use a validated cryptocurrency and not accept less or buy more than the estimated NFT.

liar”MintOf corrupt currencies

This type of scam occurs when scammers send NFTs to influencers, which makes them look like they are the ones making NFTs. They do this knowing that many buyers monitor their portfolios for trends in order to gauge mass interest – just because it’s an artificial move, people use market fraud and We lose money in the process.

In general, this can be easily avoided if NFT enthusiasts do not believe in any trend, before jumping into these situations always keep an eye on possible changes and warnings as well as comments from other investors.

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