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Home News

Brooklyn DA Shuts Down 40 NFT Scam Sites

December 9, 2024
Reading Time: 2 mins read
in News
Brooklyn DA Shuts Down 40 NFT Scam Sites

The Brooklyn District Attorney’s office has successfully shut down 40 fraudulent non-fungible token (NFT) marketplace websites, following an investigation into a scam that targeted an 85-year-old artist. The victim, who was contacted on LinkedIn by someone posing as an art dealer, was convinced to mint his artwork on a fake marketplace resembling the popular New York-based NFT platform, OpenSea. The scammer promised the artist a significant profit from the sale of his work, claiming he had made $300,000. However, to access the funds, the artist was required to pay a $135,000 “fee.”

In a desperate attempt to retrieve the promised funds, the artist liquidated his retirement account, used credit cards, and took out a loan to pay the fee. Unfortunately, the scam was revealed too late, leaving him emotionally and financially devastated. Following the incident, the Brooklyn District Attorney’s office’s Virtual Currency Unit traced the illicit funds to accounts in Nigeria, where they were quickly cashed out into local currency, making recovery efforts nearly impossible.

The investigation revealed that the scam was part of a larger network of fraudulent websites targeting artists. Two other victims from Georgia and California were also scammed by the same scheme. District Attorney Eric Gonzalez emphasized the harmful tactics used by the scammers and expressed hope that raising awareness and shutting down the fraudulent domains would prevent further victims from falling prey to the scam. The shutdown of the websites marks a critical step in protecting artists and consumers from these increasingly sophisticated online frauds.

The Brooklyn DA’s office issued a warning to the public, particularly to artists, about the importance of using well-established NFT marketplaces when selling their work. They advised caution when dealing with unsolicited offers and stressed the dangers of phishing attempts that often lead to fraudulent sites. Additionally, the office urged artists never to share their crypto wallet seed phrase, as it can lead to theft. The DA’s office also encouraged the public to research thoroughly before engaging in any transactions, particularly when something seems too good to be true.

Reference:

  • Brooklyn District Attorney Shuts Down 40 Fraud NFT Sites After Artist Loses $135K
Tags: BrooklynCaliforniaCyber NewsCyber News 2024Cyber threatsDecember 2024GeorgiaLinkedInNew YorkNFTNigeriaOpenSea
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