NFTs are booming, and as time is passing more ingenious developments are going on. Although owing to its growing popularity among investors, many scams have been surfacing. The most prominent communication platform in the NFT space, Discord is no stranger to scams or hacks. A lot of instances have been reported regarding hacks on Discord.
Let’s move on and see what NFT hacks are going around Discord.
The 4 weeks from 2nd June to 2nd July 2022 saw the peak of hacks on NFT Discord Channels. Within this timeframe, a whopping 107 NFT Discord Channels were disrupted as announced by OKHotshot on 3rd July 2022, on its Twitter account. Following the Twitter post, it suggests that the hacks involved the top NFT projects such as Bored Ape Yacht Club, Lacoste, Boss Beauties, Memeland, and many more.
The Twitter post asserts that the breaches to the NFT collections were the result of social engineering scams. The aforementioned weeks have seen an increase of 50.7% in NFT hacks compared to the months before. In May of 2022, there were around 71 discord hacks which is pretty low when looking at 107 discord attacks between June and July. Through this post, OKHotshot has cautioned people to “stay vigilant”.
OpenSea, one of the most popular NFT marketplaces, informs buyers and holders to stay alert about phishing attacks. Moreover, OpenSea also warned its customers to watch out for emails and files received from strangers following their report of a major data breach. On OpenSea’s official blog, they posted that the data breach might affect about 1.8 million users. The breach might also pave the way for more phishing attacks and other social engineering risks. The marketplace’s Discord server saw a breach by hackers promoting scam drops. In the first months of this year, OpenSea had to repay $1.8 million in return for an illegal NFT sale.
Bored Ape Yacht Club NFT collection reported a “brief exploit” on their Discord servers. This exploit followed NFTs being looted from users valued at 200 ETH.
The creator of the recently compromised Women and Weapons NFTs, Sara Baumann, urged investors to exercise caution in their dealings because of recent frauds. She continued, “We (Women and Weapons NFT) do not offer surprise mints or giveaways and will never ask for you to connect your wallet for any reason.”
Hackers or scammers can get into the heads of enthusiasts by imitating influencers’ social media accounts. They will post about giveaways and utilities of certain NFT projects which are all poppycock. They will even direct message victims to brainwash them and thereby scam them in return.
What is Phishing? NFT phishing attack
Phishing is one of the ways by which hackers can scam innocent people. A Phishing scam is where a hacker sends a user a message via email, link, or pop-ups. When the victim clicks on the link, the website which appears looks extremely promising, and when the user enters their information on the website, it is followed by the hacker doing their job.
The fake links can come up anywhere. It can come on Discord or any other social media platform.
Phishing can be done effortlessly in the NFT space. The hackers can lure users into similar yet fake websites and then rob the user. Although, as serious as phishing may sound, avoiding it is easy. Before clicking on any link, check whether the one who posted it is anonymous. Check with other people as well. Also, the website which opens up can be compared to the real website. Look for minor differences, as some differences are bound to exist.
In addition, owners of credible projects seldom communicate with anyone in private without a good reason. Last but not least, when it comes to social media influencers, if a bargain sounds too good to be true, it most often is a phishing scam.
Hacks on NFT discord channels are not an uncommon occurrence. As the NFT space becomes more distinguished with recurring developments, hacks and scams are bound to happen. Discord with its huge number of users and being the most popular communication foundation used by NFT projects, the hackers are compelled to get their hands on scamming the users. The scammers can easily get into discord servers and send fake messages to users.
The people who buy NFTs and the ones who sell their NFTs need to become more cautious while taking on their activities. Scammers can resort to several ways to scam people. So, the best thing to do is to do everything cautiously.