Just last month, the NFT sector experienced an all-too-familiar situation; Ethereum founder Vitalik Buterin had his Twitter account hacked and those responsible tweeted out a link which offered a free NFT. Allegedly, this ‘free’ NFT was meant to promote a commemorative drop from Consensys, but in actual fact it was one of many NFT giveaway scams that have flooded the industry.
Vitalik’s millions of followers were told to link their NFT wallets to claim this free ‘prize’ but instead, those who clicked had their assets stolen. In total, over $800,000 worth of NFTs were stolen and this included the iconic CryptoPunk #3983 which was sold shortly after. Eventually, Buterin did get his account back and those affected have been scrambling to find ways of recovering their NFTs, if at all. Sadly, we know from all the previous NFT thefts that this will be an uphill battle.
Some, like Hollywood actor Seth Green, have been able to buy back their stolen assets while others eventually give up. This is just the latest in a very long line of NFT giveaway scams that have robbed consumers of their precious assets. But why does this tactic still work in 2023 and how can we make sure we don’t fall victim?
Usually, we would assume that after dozens (if not 100s) of giveaway scams have been used to rob NFT holders in the past, we would no longer fall for them, but the truth is that these hackers play on human psychology.
On some level, we all like the appeal of free stuff. Even though they likely have lower success rates these days, the ‘free iPhone giveaway’ scam is still being pushed because at least a few people fall for it. It’s sad but true, and NFT giveaway scams have not been in existence for as long and so, not everyone is aware of how they work.
It is also very telling that the hackers target reputable people with large followings like Vitalik Buterin. You’re less likely to click on a random giveaway link online but if the founder of Ethereum says it’s legit, you’re more likely to believe.
While ultimately, these scams are designed to be as effective as possible, there are a few ways to potentially avoid becoming a victim.
We can’t stop scammers from trying to steal our NFTs but we can take steps to stop them from succeeding. The incident with Vitalik Buterin shows just how much can be lost but also how much we can save by taking some actionable steps to protect ourselves and our assets.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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