Top 10 NFT scams and how to protect yourself from them

The commercial popularity of NFTs has only increased in recent months, and like everything that has become known in the digital environment, hackers have begun to develop a process of using content. to use various scams, aiming to make easy money from the lovers of this digital asset. .

The fact that this market is also a new way to help fraudsters deceive people, as the reliability and breadth of information is still difficult to find, makes the process of entering the market. trade, buy NFT and start investing in these difficult assets. . a risky situation, which, if the user does not take care of it properly, can cause a real headache.

Knowing these topics, ESET got involved Canaltech a list of common NFTs and how users can protect themselves from them. Check it out below:

Top NFT scams

Falsehood of the direct words of Discord

ESET claims that Discord is very attractive to cybercriminals and that there are various types of scams that can be exploited by the platform, including the security company regarding the example of channel interference in the Fractal app , NFT gaming industry, which leads to theft. of approximately $ 150,000 worth of Solana cryptocurrency from wallet users.

In other types of Discord scams, scammers can become user friends or celebrities in the NFT business who send direct inquiries for certain types of business or personal information. self that can affect their assets.

In order to avoid being harmed by these scams, the recommendation should not click on unreliable links or from unknown sources – and if it comes from the user acknowledgment, it is important to seek other guarantees to verify the authenticity of the contact.

Fake profiles on social media

Both on Twitter and other social networks, users have to learn to live with fake texts that try to exploit scams from multiple sources. To protect yourself from these problems, it is important to be aware of account posts and tokens, which often use a similar script (a small number with a capital I, for example) tries to be the driver associated with the name. .


Examples of NFT phishing sites attempt to be a commercial non-fungible token. (Image: Publicity / ESET)

It is very common for hackers to create fake websites that are similar to NFT stores, digital wallets, etc. in order to try to obtain sensitive information from the purpose, there is also another application of the famous phishing scam. To prevent these threats, ESET recommends that users always carefully inspect shipments before clicking on them, and refrain from sharing personal information and accessing NFT bags. make money with third parties as much as possible.

Impersonators of artists or creators

It is important to always find a way to get first NFTs from writers on their own. (Image: Playback / Consequence of Sound)

Want to buy NFTs directly from artists responsible for art? The recommendation is always to find the official profile of the writers in the relationship instead of using sales services, since with the people who create the images you will be sure that you are buying. old works, and not an unauthorized copy. or even someone else.

plans Pump & dispose

Pump & dispose is a scam model in which an individual or group of people buys a large amount of NFT (and that also happens with a token or cryptocurrency) to generate more demand and thus increase its value.

These scams appeal to unsuspecting users who believe the price will go up and whoever thinks they are seeing the right moment. However, once the price of NFT or other assets increases, scammers throw away all their assets and benefit from them, leaving victims with NFTs are inefficient and lose a lot. In order to identify this type of industry, ESET recommends examining the history of the change, as if it were a real project, many of the buyers should be the same.

systems rug rub

This type of fraud occurs when employees for a job quit and keep the investor’s money. At the rate of token and the number of traders reaches one point, fraudsters empty them pool of liquidity through a decentralized exchange (DEX) causes the value of crypto assets to fall and makes the owners of these assets unable to sell.

These scams are usually an excuse for viruses in management software and can take a long time to fix – stay tuned.

auction scam

One of the most popular scams is the fraudulent use of non-fungible tokens. In these cases, a person auctions NFT of the starting price for the user to bet on, but the fraudster, unaware of the seller, exchanges the cryptocurrency they are buying with a lower price. .

ESET’s recommendation not to fall into this type of scam is to identify cryptocurrency used and reject lower prices or buy more than NFT supposedly has.

false “mintsof cryptocurrencies

This type of scam occurs when scammers send NFTs to influencers, making it look like they are coin NFTs. They do this knowing that many consumers view information for information in order to gain mass interest – simply because it is a scam, people will fall prey to scams. trade and lose money in the process.

In general, this can be avoided in a simple way, if NFT supporters do not believe in a particular situation, always monitor the change and warn, including the message seen by other investors, before jumping into these situations.

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