Platform Sees NFT Hacks Rise By Over Half in Last Month

NFTs have been growing in popularity, but hackers are also trending up with some of the larger hacks. The question is whether NFTs can be made more secure? Find out why cryptographers and game developers alike believe this to be possible.

The “discord” is a platform that allows users to create and share NFTs. Platforms such as the “NFT Hacks” have seen an increase in activity, with hacks increasing by over half in the last month.

According to a recent analysis by on-chain expert OKHotshot, between June 2 and July 2, 2022, up to 107 NFT Discord channels may have been in danger. On July 3rd, OKHotshot announced the news on its Twitter page. 

The statement claimed that well-known brands including BAYC, KnownOrigin, Lacoste, Memeland (9gag), Boss Beauties, and many more were among the hacked collections. Additionally, it was mentioned in the report that social engineering schemes were used to corrupt the data. When compared to the preceding four weeks, NFTs hacks have increased by 51.7%, from 71 discord attacks in May to 107 between June and July.

OkHotshot has notified users of the latest breaches and asked them to “remain watchful.” The largest NFT marketplace in the world, OpenSea, has cautioned users to be on the lookout for phishing scams. After disclosing a significant data breach, the New York-based market went further and advised its customers to be wary of emails and files provided by strangers.

107 #NFT discords have been taken advantage of during the previous four weeks, including well-known initiatives like BAYC, Known Origin, and Boss Beauties.

Millions of dollars were taken. There are ACTUAL victims in these atrocities. Be on the lookout: pic.twitter.com/QYNuGCObND

— OKHotshot on July 3, 2022 (@NFTherder)

Additionally, OpenSea disclosed through its official blog post that this data breach may have affected 1.8 million users, increasing the danger of phishing and other forms of social engineering. Cyberattackers used OpenSea’s Discord service to advertise scam drops. The business had to pay back $1.8 million earlier this year for an illegally marketed NFT.

The author of the recently compromised Women and Weapons NFTs, Sara Baumann, urged investors to exercise caution in their transactions in light of the recent frauds. She said, “We (Women and Weapons NFT) would never ask for your wallet’s connection for any purpose and do not provide surprise mints or freebies.”

The popular Yuga Labs Bored Ape Yacht Club (BAYC) NFT collection revealed that its Discord servers were the target of a “short exploit” that resulted in 200ETH worth of NFTs being stolen from users, as previously reported by NFT News Today.

NFTs, or non-fungible tokens, have grown in popularity, making them ideal targets for fraudsters and hackers. When generating and acquiring these digital goods, both NFT creators and buyers assume inherent risks. Scammers may “bite” holders of valuable NFTs in a number different ways.

One common method of scamming individuals is via phishing. Phishing is the act of tricking a person into clicking or downloading anything by posing as a reliable source. It is done through email. The approach is not unique to the crypto industry and has been prevalent for a while. As the attacker has a list of email addresses that they are aware have engaged with OpenSea, spear phishing is a more focused variation of this technique.

Discord scams have become more prevalent as a result of the platform’s adaptability and broad range of potential victims, as this article indicated. With so much information accessible, con artists may simply hijack the channel or trick Discord members into believing something they are not.

Scammers may also pretend to be social media influencers and advertise prizes or benefits that are outlandish or impossible to achieve. In order to establish rapport and separate the victim from their possessions, they will also direct message (DM) the victim.

Verify the URL and check for little variations on the real website to prevent phishing. Don’t click on links shared by persons or organizations you don’t know. In addition, proprietors of credible enterprises seldom communicate with anybody in private without a good cause. Last but not least, when it comes to social media influencers, if a bargain seems too good to be true, it most often is.

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The “NFT Hacks Rise By Over Half in Last Month” is a new report by NFT Crypto, which shows that hacks on the platform have increased by more than half. Reference: nft crypto coins.

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