In recent research, a blockchain analysis company reported that during the past year NFTs worth $100 million were stolen in various schemes between January and July this year. Approximately $300,000 was stolen by the criminals from each fraud. The most expensive NFT to be stolen, CryptoPunk #4324, was sold for $490,000 by scam artists shortly after it was taken on November 13, 2021, according to the report. The research gathered information about NFT fraud by performing open-source analysis on significant social media platforms. The scam incidents in which NFTs worth $100 million were stolen included in the study met the following criteria: Reported as stolen on social media. The report showed a clear pattern of theft based on Ethereum transactions. Took place between July 2021 and July 2022. Phishing as a Risk The value of NFTs obtained in various ways amounts to more than half of the stated sum, or $69.5 million. Most of these thefts have been executed through phishing scams. Email and social media-based phishing were used to get 80.1% of the stolen digital artworks. The remaining ones were carried out through identity scams, swapping scams, and other techniques. Phishing schemes airdropped free NFTs or charged low prices for NFTs, frequently in a.svg format, that served as Trojan horses, allowing hackers access to the user’s account once the NFT was received or, in some circumstances, disclosing the collector’s IP address, ...
