{"id":38855,"date":"2022-10-30T05:52:36","date_gmt":"2022-10-30T09:52:36","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=38855"},"modified":"2022-10-30T05:58:46","modified_gmt":"2022-10-30T09:58:46","slug":"how-to-spot-common-nft-scams-and-avoid-nft-hack-attacks","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/how-to-spot-common-nft-scams-and-avoid-nft-hack-attacks\/","title":{"rendered":"How to spot common NFT scams and avoid NFT hack attacks"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\">As the market continues to expand and gather momentum, <a href=\"https:\/\/coinscreed.com\/staging\/top-7-best-nft-wallets-for-beginners.html\" target=\"_blank\" rel=\"noreferrer noopener\">NFTs<\/a> are becoming an increasingly popular target of scams and hack attacks.<\/h5>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-1024x576.png\" alt=\"How to spot common NFT scams and avoid NFT hack attacks\" class=\"wp-image-38812\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-1024x576.png 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-300x169.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-768x432.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-150x84.png 150w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-750x422.png 750w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy-1140x641.png 1140w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>How to spot common NFT scams and avoid NFT hack attacks<\/figcaption><\/figure>\n\n\n\n<p>A nonfungible token (NFT) is a distinct type of digital asset on a blockchain. These digital assets offer ownership authentication and are not transferable like other forms of cryptocurrency.<\/p>\n\n\n\n<p>Each NFT is distinct and cannot be duplicated or replaced. NFTs are becoming increasingly popular among consumers and companies as a means of generating income, exchanging collectibles, and promoting products. <a href=\"https:\/\/www.google.com\/search?q=How+to+spot+common+NFT+scams+and+avoid+NFT+hack+attacks&oq=How+to+spot+common+NFT+scams+and+avoid+NFT+hack+attacks&aqs=chrome..69i57j69i60j69i61.951j0j7&sourceid=chrome&ie=UTF-8\" target=\"_blank\" rel=\"noreferrer noopener\">Scammers<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>, on the other hand, are advancing in their techniques to defraud individuals and businesses.<\/p>\n\n\n\n<p>Knowing the many types of scams that have been used by hackers will help you recognize some NFT scams. In order to assist you to recognize potential scams and learn how to prevent frequent NFT hack assaults, we've put together a list of some of the most common NFT scams.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-nft-scams\">Common NFT scams<\/h2>\n\n\n\n<p>NFT scams either obtain credentials to access a person's <a href=\"https:\/\/coinscreed.com\/staging\/x-app-will-have-a-crypto-wallet-with-bitcoin-and-ripple-payments.html\" target=\"_blank\" rel=\"noreferrer noopener\">cryptocurrency wallet<\/a> or outright defraud victims of their money. Here are some of the common NFT scams to be on the lookout for.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Rug pull scams<\/li><li>Phishing<\/li><li>Airdrop and giveaway fraud<\/li><li>Impersonation\/catfishing<\/li><li>Pump and dump scams<\/li><li>Counterfeit\/plagiarized NFTs<\/li><li>Bidding scams<\/li><li>Investors scam<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rug-pull-scam\">Rug pull scam<\/h3>\n\n\n\n<p>A <a href=\"https:\/\/coinscreed.com\/staging\/nft-watchdog-rug-pull-finder-has-its-nft-giveaway-hacked.html\" target=\"_blank\" rel=\"noreferrer noopener\">rug pull NFT scam<\/a> occurs when scammers promote a phony NFT or developers hype up an NFT to obtain investor funds. Once they've received funding or purchased the NFT, the promises are either broken or the project is canceled entirely. This results in a sharp decline in value. Additionally, the scammers remove the option to sell this NFT.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-phishing\">Phishing<\/h3>\n\n\n\n<p>Phishing scams use false emails, pop-up windows, and adverts to direct users to a fraudulent website. The fake website then seeks users' private wallet keys in order to get access to their digital wallets. Scammers can empty the digital wallet of any NFT collection or cryptocurrency once they have access to this secret information. For instance, many scammers would tell you that you have won free NFTs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-airdrop-and-giveaway-fraud\">Airdrop and giveaway fraud<\/h3>\n\n\n\n<p>Sometimes, scammers will utilize social media to advertise<a href=\"https:\/\/coinscreed.com\/staging\/baidu-sets-to-airdrop-20000-nfts-as-it-launches-marketplace-after-giveaway.html\"> NFT giveaways,<\/a> enticing users to share their NFT or register on their website in return for a free NFT. When it's time to claim the gift, the scammers will inquire about the victim's cryptocurrency wallet and hack their account to take NFTs and cryptocurrency.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-impersonation-catfishing\">Impersonation\/catfishing<\/h3>\n\n\n\n<p>To get customers to buy fake NFTs, scammers would set up fake social media accounts and related spam websites. These profiles frequently copy actual artists. Other scammers create fake tech support accounts. The scammer may send messages requesting account details in an effort to assist the victim before stealing their login information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pump-and-dump-scams\">Pump and dump scams<\/h3>\n\n\n\n<p>The<a href=\"https:\/\/coinscreed.com\/staging\/queen-elizabeth-memecoins-and-nfts-swarm-crypto-markets.html\" target=\"_blank\" rel=\"noreferrer noopener\"> pump-and-dump scam<\/a> happens when a lot of cryptocurrencies are bought by a group to boost demand and raise prices. When the price rises, they sell the assets and withdraw their money, leaving other people with losses.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-counterfeit-plagiarized-nfts\">Counterfeit\/plagiarized NFTs<\/h3>\n\n\n\n<p>Criminals forge designs and offer fake NFTs for sale in reputable online stores. The victims frequently learn too late after purchasing the counterfeit NFT that the fake and stolen NFTs have no value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bidding-scams\">Bidding scams<\/h3>\n\n\n\n<p>Bidding scams occur when a fraudster places the highest bid on an NFT, but when it comes time to pay, he or she substitutes a lower-value coin. Always verify what cryptocurrency the top bidder is paying with before accepting if you're selling your NFT.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investor-scams\">Investor scams<\/h3>\n\n\n\n<p>People remain anonymous when buying or selling NFTs, which facilitates the development of <a href=\"https:\/\/coinscreed.com\/staging\/sec-releases-new-warning-alert-against-crypto-investment-scams.html\" target=\"_blank\" rel=\"noreferrer noopener\">investment scams<\/a>. Threat actors build a seemingly desirable project to invest in with investment fraud. Once they have collected the money, they vanish into thin air.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-avoid-nft-hack-attacks\">How to avoid NFT hack attacks<\/h2>\n\n\n\n<p>Below, we've highlighted some suggestions for preserving your NFT holdings.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Secure your login information<\/li><li>Use 2FA and a special, secure password to safeguard your wallet<\/li><li>Use a cold storage wallet<\/li><li>Do not respond to suspicious messages<\/li><li>Examine the bids and verify NFT price ranges<\/li><li>Protect your devices by using security tools&nbsp;<\/li><li>Research sellers and websites before engaging<\/li><li>Check the transaction history of the NFT&nbsp;<\/li><li>Use verified marketplace<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-secure-your-login-information\">Secure your login information<\/h3>\n\n\n\n<p>Never divulge the password of your cryptocurrency wallet to anyone. The confidentiality of these details and any recovery codes is required. These passcodes are completely unnecessary for anyone to know.<a href=\"https:\/\/coinscreed.com\/staging\/hackers-exploit-typing-mistakes-to-steal-cryptocurrency.html\" target=\"_blank\" rel=\"noreferrer noopener\"> A hacker <\/a>can access your wallet and remove NFTs if they discover your seed phrase or private key. Think about saving your login information somewhere tangible, like a hard drive.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-use-2fa-and-a-special-secure-password-to-safeguard-your-wallet\">Use 2FA and a special, secure password to safeguard your wallet<\/h3>\n\n\n\n<p>You can detect attempts to access your accounts by using two-factor authentication. It is more challenging for someone to steal someone else's identity when facial recognition or biometric login is used. Create secure passwords for your wallets and NFT accounts as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-use-a-cold-storage-wallet\">Use a cold storage wallet<\/h3>\n\n\n\n<p><a href=\"https:\/\/coinscreed.com\/staging\/cold-vs-hot-crypto-wallet-the-difference.html\" target=\"_blank\" rel=\"noreferrer noopener\">Cold storage wallets<\/a> are methods of storing cryptocurrencies that are not accessible online. After acquiring an NFT, it's better to move it out of the marketplace account, which can be hacked by scammers, and into cold storage or hardware, such Trezor or Ledger. Options for cold storage are safer because all the important data is on the device itself and is more difficult for threat actors to access.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-not-respond-to-suspicious-messages\">Do not respond to suspicious messages<\/h3>\n\n\n\n<p>By staying away from any strange emails, websites, texts, or messages, you can avoid coming into contact with hackers. These are probably phishing efforts to attempt to infect your device with malware or to steal your login details and sensitive data. The link could still be false even if it appears to lead to a legitimate website. It's advisable to never click on any links and to always go directly to the website.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-examine-the-bids-and-verify-nft-price-ranges\">Examine the bids and verify NFT price ranges&nbsp;<\/h3>\n\n\n\n<p>Verify the digital currency once more before accepting any bid. Never settle for less than you expect. Also, visit trade platforms like Axie Marketplace, Mintable, or <a href=\"https:\/\/coinscreed.com\/staging\/warner-music-group-opensea-partner-to-give-artists-web3-opportunities.html\" target=\"_blank\" rel=\"noreferrer noopener\">OpenSea <\/a>to compare prices before purchasing an NFT. It's most likely a fraud if the price appears to be significantly higher or lower than those on these trustworthy trading websites.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-protect-your-devices-by-using-security-tools\">Protect your devices by using security tools&nbsp;<\/h3>\n\n\n\n<p>In the event that you do choose to click on a bad link or piece of software, antivirus and anti-malware programs can safeguard your devices. A virtual private network (VPN) could be used to increase encryption security.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-research-sellers-and-websites-before-engaging\">Research sellers and websites before engaging<\/h3>\n\n\n\n<p>Do your own research (DYOR). Be mindful of the website addresses, merchants, and applications you access. In addition to researching a seller's social media profiles, other listings, and other listings from this seller, look for the blue check verification symbol next to their name.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-check-the-transaction-history-of-the-nft\">Check the transaction history of the NFT&nbsp;<\/h3>\n\n\n\n<p>View the history of previous NFT transactions. Cross-check pricing on other online markets to determine whether they are similar. NFTs with transactions all in one day should be avoided.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-use-verified-marketplace\">Use verified marketplace<\/h3>\n\n\n\n<p>Watch out for <a href=\"https:\/\/coinscreed.com\/staging\/crypto-bear-market-and-how-to-survive-it.html\" target=\"_blank\" rel=\"noreferrer noopener\">new markets<\/a> with weak security. Offers that seem too good to be true should not be believed. There are numerous emerging markets that provide bare-bones security. Avoid rogue exchange marketplaces and stick to trustworthy ones like OpenSea, Rarible, Mintable, Foundation, MakersPlace, and Axie Marketplace.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<p>In the NFT space, many fundamental cybersecurity measures are applicable. Hackers are becoming innovative with their tactics. It is crucial to take caution when first starting out in the NFT industry. Never reveal your private keys or seed phrases, and stay away from untrusted NFT marketplaces and shady websites.<\/p>\n\n\n\n<p>Remain vigilant and make sure you're keeping an eye out for cyber risks. Your <a href=\"https:\/\/coinscreed.com\/staging\/dogecoin-spikes-11-as-twitter-launch-new-nft-feature.html\" target=\"_blank\" rel=\"noreferrer noopener\">NFTs<\/a> and other digital assets should be secure as long as you use caution and safeguard yourself with the greatest cybersecurity software.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the market continues to expand and gather momentum, NFTs are becoming an increasingly popular target of scams and hack attacks. A nonfungible token (NFT) is a distinct type of digital asset on a blockchain. These digital assets offer ownership authentication and are not transferable like other forms of cryptocurrency. Each NFT is distinct and [&hellip;]<\/p>\n","protected":false},"author":38,"featured_media":38812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11409],"tags":[12002,470,366],"class_list":["post-38855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nfts","tag-hacks","tag-nfts","tag-scam"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/nft_scam_copy.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=38855"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/38812"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=38855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=38855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=38855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}