26 December 2022

Do You Understand Crypto Enough to Buy NFTs

Are you sure about that? Web3 is Going Just Great brings us the following. Scammer steals fourteen Bored Apes from one victim, flips them for over $1 million

They thought they were negotiating to let their Bored Ape NFTs be used in some animated feature. The con artist in this case spent considerable time creating websites that looked like legit production companies.

After some back-and-forth, with legitimate-looking contracts and falsified emails appearing to come from the real company's real founding director, the NFT collector was asked to use their crypto wallet to sign a contract, via the fake company partner website that had been set up.

When the collector did so, the smart contract drained the collector's wallet of its fourteen pricey Bored Ape NFTs, then accepted the highest offers that were outstanding on each of the Bored Apes, netting 852.9 ETH.

The ETH was converted to another cryptocurrency and probably converted on from there.

I'm not saying you can't make money in crypto. I am saying that 99% of the people who are speculating in crypto don't know enough to keep themselves and their money or investments safe.

No comments:

Post a Comment

Comment Moderation is in place. Your comment will be visible as soon as I can get to it. Unless it is SPAM, and then it will never see the light of day.

Be Nice. Personal Attacks WILL be deleted. And I reserve the right to delete stuff that annoys me.