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Home Alerts

FBI Warns of NFT Scams

August 8, 2023
Reading Time: 2 mins read
in Alerts
FBI Warns of NFT Scams

The FBI has issued a warning concerning a new form of cybercrime involving criminals disguising themselves as NFT developers to orchestrate fraudulent activities targeting the NFT community. These malicious actors either compromise genuine NFT developer social media accounts or create nearly identical fake accounts, using these platforms to promote bogus NFT releases. Their ultimate objective is to steal cryptocurrency and other digital assets from unsuspecting users.

Employing tactics such as urgency-driven posts and claims of limited supply, scammers lure victims to phishing sites designed to mimic authentic NFT project extensions, prompting them to connect their cryptocurrency wallets and make purchases. However, victims unknowingly end up transferring their assets to the criminals’ wallets through drainer smart contracts.

Following the theft of crypto assets, the scammers employ cryptocurrency mixers and exchanges to launder the stolen funds. To combat these schemes, the FBI advises individuals to exercise caution and vigilance, particularly when reviewing social media accounts and websites associated with new NFT projects.

Users are urged to verify the legitimacy of developers’ announcements and accounts, ensuring they are not clones or impersonations. When navigating websites that request wallet connections, individuals should scrutinize URLs for any suspicious or unnecessary characters that may indicate a cloned site, reporting such instances to law enforcement.

Additionally, the FBI offers specific recommendations for assessing the authenticity of NFT opportunities, including researching past developer behavior and being cautious of offers that appear too good to be true.

Reference:
  • Criminals Pose as Non-Fungible Token (NFT) Developers to Target Internet Users with an Interest in NFT Acquisition
Tags: August 2023CryptocurrencyCyber AlertCyber Alerts 2023CyberattackCybercrimeCybersecurityFBINFTScamsVulnerabilities
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