hacking newest threat for nft buyers

 

Nft buyers are now being targeted with the most sophisticated hacking attempts ever witnessed in the nft industry.

1) Using a low volume cryptocurrency exchange to create an entirely new market, 2) sending personal messages and enticing people to transfer their funds, 3) using fake orders on an exchange to create fake demand and pump up the price of that particular coin.

Image source: https://wallpaperaccess.com/nft-monkey

It is important that all nft buyers do not underestimate these types of threats. There are a number of steps that can be taken to secure your account and reduce chances for getting hacked or scammed. Remember it is your responsibility to act and secure your accounts.

Make sure you have an offline and secure backup of all your passwords. Do not share your passwords with anyone, not even family members. Never use the same password on different platforms, or a password that is too easy to guess (i.e a birthday, name of pet etc).

Always use Two Factor Authentication (2FA), wherever possible, especially for the more liquid tokens such as ethereum, litecoin and bitcoin etc. Make sure you setup 2FA before making any transactions. Use reputable hardware wallets such as trezor devices to store cryptocurrencies offline.

 Image source: https://mintspace.io/product/monkey-art-2/?v=c86ee0d9d7ed

Use only the official website and official apps to access your cryptocurrencies, or contact the team on Telegram, Twitter or email directly if you have any issues. Never trust a website that claims to be an “official website”, but is not listed as such. Always check your URL and/or SSL certificate before entering your credentials. Remember that email addresses can be faked and relayed by hackers. Check the spelling of any email address (that appears to claim to be from an official source) multiple times and make sure it is correct.

If you do happen to get hacked or scammed, report it immediately to local authorities and also report the incident with appropriate channels (i.e technical support on Twitter, Reddit etc). Never try to contact the hacker directly and never pay a ransom.

 

Image source: https://www.voguebusiness.com/technology/adidas-reveals-new-nft-project-with-bored-ape-yacht-club

Lastly, it is also possible for exchanges to be hacked. To minimise losses, always hold your funds in a personal wallet instead of an exchange wallet. It is advisable to transfer your funds from an “Exchange Wallet” to a “Personal Wallet” once you have purchased the nft or have sold it. Remember that the blockchain is not reversible once you have sent the transaction.

This article has been written by Jayden Zheng – Coin Daily Team Member. He is a well-known cryptocurrency influencer in China, providing comprehensive coverage and analysis on current market trends across major global exchanges like Binance, OKex and Huobi etc.

It was published in Coindaily on 12th, August 2018 and they have not given any link to the original article. So I am not sure whether this is a real news or just some fake news to get attention of investors and make money from it. Do you know any scams happening on Ethfans? Let us know in comment section. NFT buyers beware--a recent study suggests that you should be cautious of certain sellers who may have fraudulent badges. Here's the low-down on how this scam works and what you can do about it:

 Image source: https://womanofsolana.com/wp-content/uploads/2022/04/175-1-1.png

A seller uses a buyer's ID badge to sign in to their account and make purchases. When asked for the shipping address, they will ask the buyer for that information or present an address they supply themselves as an option. Then, after making a purchase, they'll log out of that person's account but will not log out of their own account. This means that any service notifications that the seller gets—such as payment confirmation or shipment confirmation—will still be sent to the seller's account.

The seller will then sign back in to their own account and get these notices of shipment and payment, which they can then use at a later time to intercept shipments or reroute payments. The fraudster may 3D print a fake badge or use a real one to gain access to your account and wreak havoc. So, if you receive an email like this, don't click on anything in it! Instead, go directly to the source and change your password immediately.

 Image source: https://hypebeast.com/2021/10/bored-ape-yacht-club-nft-3-4-million-record-sothebys-metaverse

This is not a new scam, but as you can imagine, it's becoming more prevalent as more people start using NFTs and buyer identities become more valuable. We've had reports of accounts being compromised that have millions of dollars in them, and this is just one way that thieves are trying to get their hands on this money."