Home
News
It is the universal fact that there’s something negative in positive and vice versa. The cyberspace has given rise to a plethora of opportunities alongside the malicious crawlers in the space. Cryptocurrency sector saw a boom in 2021, where the price grew, so did the cybercriminals in this industry. They are always coming up with new ideas to exploit the users. Recently, an on-chain firewall project, Harpie, alerted the users about new frauds taking place on OpenSea.
Anti-Theft Protocol Can Identify The Threat Now
They took to Twitter and posted images of the malicious act. It claimed that the attackers have stolen Apes worth several Millions. The thread continued and explained the process of how they con the user in the name of private auctions. The attacker eventually asks their prey for a simple signature login, which actually is a disguised request asking them to transfer their NFT assets for 0 ETH. They also claimed that the protocol is now able to identify these fraudulent schemes.
Twitter being one of the most influential social media platforms has become a breeding ground for NFT frauds. In July 2022 some accounts disguising as legit NFT projects lurked under the shadows to ambush the users they attracted. According to the reports, around 3,000 such accounts made over 6,000 Tweets till October 2022, claiming to offer free NFTs linked to physical storefronts.
Giveaway frauds have become common on social media websites where they disguise themselves as authentic projects, meanwhile, asking the investors to throw in their money. Similar to the aforementioned fraudulent project, they claim to double or even multiply the returns in a very short span of time.
Since Instagram has integrated the NFT feature on their platform, these activities have risen in the DMs of the users. They promote their projects by targeting random accounts in hope of catching potential victims’ eye towards their “authentic” collection. Experts always advise the users to not to go for an investment before verifying its authenticity.
People in this space should realize that cybercriminals are more “innovative” than the users think. They are always coming up with new ideas to take away the hard earned investor funds. Recently, romance frauds came into light where the attacker posed as the victim’s love interest. They steadily get closer to the victim to slowly steal their money and vanish as soon as they reach the desired amount.
Another notable fraud that recently came into the light was dubbed “Pig Butchering”. The title indicates the ritual of “fattening” the victim before “slaughtering” them. Malicious actors are always looking for potential victims who are looking to “fatten” their funds in a shorter time frame.
Users are advised not to hurry for every project they feel authentic about. A small research can make a big difference, especially when it comes to their funds.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
