#nftscam #fraudcase #moneyscam
With the NFT boom, it’s no surprise that scammers are on the hunt for a payday. The good news is that knowing the most frequent NFT scams can help you stay a step ahead of fraudsters. Follow along as we explore the most common schemes you need to know about.
People and businesses are turning to NFTs to make money, trade collectibles and use as promotions. But scams are also trying to trick people and businesses out of money.
What is an NFT?....
A nonfungible token (NFT) is a unique form of the digital asset on a blockchain. These digital assets are not interchangeable, unlike other types of cryptocurrency, and provide ownership authentication. All blockchain transactions appear in a digital ledger to record ownership.
Each NFT is unique and cannot be recreated or replaced.
Common types of NFT scams....
NFT scams either deceive people out of money directly or get credentials to access a person's digital wallet or cryptocurrency wallet. Unfortunately, it is hard to recover lost money or stolen digital wallet credentials after a scam.
Here are some of the more common types of NFT scams to watch for.
Rug pull
Scammers pull buyers in by promoting a fake NFT project or collection and promising them that they will make money. The scammers hype this asset on social media, but after it is purchased, all the promotion and any unfulfilled promises go away. This causes the value to drop drastically. The scammers also remove the ability to sell this NFT.
Phishing
Phishing may be an old scam, but it's still popular. Typically, a phishing scam involves phony advertisements, emails and pop-ups taking people to a fake website. The fake website then requests users' private wallet keys to gain access to their digital wallets. Once scammers get a hold of this private information, they can deplete any NFT collections or cryptocurrency in the digital wallet.
Airdrop
Scammers use social media to promote NFT giveaways. The promotions typically offer a free NFT for spreading the word to friends or signing up on their websites. When it is time to collect the prize, the scammers ask for cryptocurrency wallet information to send the NFT, but instead, they gain access to the account and take any money or NFTs in the person's wallet.
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Top 5 Most Common NFT Scams in 2022 | Beware of NFT scams | True Crime | NFT Fraud
