Wednesday, February 8, 2023

Hackers stole over $100 million worth of NFTs in the last year

Hackers targeting the crypto segment have stolen over $100 million worth of non-fungible tokens (NFTs) in the past year as of July. Last year there was an increase in buying in the crypto market and due to this the prices of cryptocurrencies went up significantly. However, in the last few months, there has been a huge decline in the crypto market and this has also affected the prices and sales of NFTs.

In a report by blockchain research firm Elliptic Told That despite the fall in the prices of NFTs, the cases of scams in this segment are increasing. Scammers have made social media a great way to cheat. The scammers got around $300,000 in each such case. However, the cases of NFT theft can be high as many such crimes go unreported. Crypto scammers are now also using LinkedIn as a means of fraud. America’s investigative agency FBI has given this information. Crypto scammers are contacting LinkedIn users by posing as professional financial advisors. These users are being offered scam schemes.

Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.

With the growth of business in this segment, there has also been an increase in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested. These cases have raised apprehensions about trading in this segment. The popularity of NFTs is also increasing. Sports clubs, automobile companies and pop stars are also getting into this business. Recently the Financial and Security Organizations in China warned against the financial risks associated with NFTs. Regulators in many countries have insisted on increasing scrutiny of this segment.

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