Blockchain Phishing: Losing Money with NFT

Zheard about the irresistible charm of Marc-Uwe Kling’s children’s book “The Day Grandma Broke the Internet” that you do not have to be older with a little computer affiliation to experience your blue miracle after a double click. Even for users who are familiar with the latest developments on the Internet and who handle blockchain, cryptocurrency or non-fungible tokens, “click, click” the wrong place can have unexpected consequences.

It does not have to be a total shutdown, as Kling did – “The entire Internet. Around the world. Destroyed. From Grandma.” – it’s enough if the well-stocked virtual wallet is suddenly empty.This, according to Forbes, is what happened to netizens who fell for fake news on the previously hacked Twitter account by Mike Winkelmann alias Beeple – the man whose mega-sales at Christie’s gave nurture for the NFT hype.Beeple, it sounded on Twitter, is collaborating again with luxury brand Louis Vuitton, and here are two links to NFT works.Click, click: Instead of acquiring coveted credentials on the blockchain, the buttons resulted in users lost the equivalent of nearly half a million dollars in total when cryptocurrency and the NFT were pulled out of their wallets.

human vulnerability

Phishing is the name of the scam that had already been used to knit a scam about alleged Banksy NFTs. That you can trade anonymously and decentrally in the blockchain without intermediaries has its pitfalls. This year alone, the equivalent of about $ 1.3 billion in crypto assets is said to have been stolen. The Instagram account for the much-traded NFT collection “Bored Ape Yacht Club” was also hacked in April. Click, click, tokens for millions were gone; three cheated collectors are now suing the OpenSea trading platform. They can not hope to get their “monkeys” back: once a transaction is completed in blockchain, it can not be undone. The link that the phishing victims fell for allegedly invited people to buy virtual land in the meta-verse.

In the end, such cases are not a problem with blockchain technology, its defenders say, but what was called “PEBKAC” in the happy days of desktops: “problem exists between keyboard and chair”, meaning people are the weak point here. By the way, it is also possible to lose money with NFT thanks to very volatile cryptocurrencies and without fraud. NFT for Gustav Klimt’s “The Kiss”, which Wien Belvedere released in February, washed around 4.4 million euros into the museum’s coffers – wonderful. On the buyer side, you can be less sure that you have made a good deal: the price of tokens has dropped by almost ninety percent since then. The best strategy for investors is to keep at all costs. And keep your eyes open for the next click-click.

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