Prosecutors in Brooklyn have launched a massive campaign against fake NFT websites after a big scam cost older artists $135,000. These scammers target vulnerable artists with alluring but fraudulent NFT proposals, followed by aggressive and fraudulent fee schemes.
Brooklyn DA Eric Gonzalez said he hopes to close these domains and spread awareness about this scheme. We will stop others from becoming victims of this scam. After establishing a friendship with the victim on LinkedIn. The scammers led them to a website that claimed to be connected to the reputable NFT site Open Seas. But the Brooklyn DA’s office claims that it was one of 40 fake sites that took on artists seeking to sell their work online in a novel manner.
Resurgence of NFT fraud
Authorities’ recent actions in Brooklyn highlight a concerning trend in the NFT market. Scammers are utilizing dishonest methods to take advantage of both established and up-and-coming artists. A clear reminder of the dangerous nature of digital art and cryptocurrency transactions is provided by the targeted operation, which led to the confiscation of 40 fake websites.
Brooklyn District Attorney Shuts Down 40 Domains Associated With NFT Crypto Scam Targeting Artists
“[B]y shutting these domains and raising awareness about this scheme, we will prevent others from falling victim to this scam.”
Read more ⬇️ https://t.co/MNZJW0qnFx pic.twitter.com/UGx8kFsIdO
— Brooklyn District Attorney Eric Gonzalez (@BrooklynDA) December 6, 2024
Scammers use social media to reach their victims, as demonstrated by shocking incidents like the 85-year-old artist’s. They deftly pose as representatives of reputable platforms like OpenSea to win their targets’ trust. These criminals have become more clever as a result of the quick increase in NFT popularity, and they now make offers that appear genuine while concealing their predatory practices.
The NFT market is experiencing a comeback despite the risk of scams, thanks to prominent sales that are making headlines and growing public awareness. The regrettable consequence of this resurgence of interest is a rise in fraudulent behavior. Authorities stress the need for consumers to exercise caution and awareness in light of the growing value of cryptocurrencies, which may give scammers more confidence.
While governmental action is important, experts contend that both buyers and artists need to be informed and wary of offers that exceed conventional market standards. Verifying platforms and being cautious of requests for advance payments or fees are two aspects of the optimal strategy.
Method of Scammers
Scammers frequently use a variety of strategies to attract possible victims. They create phishing websites that imitate well-known marketplaces, known as fake platforms. They directly approach artists on social media with offers that seem too good to be true, a tactic known as intrusive messaging. Scammers kept on pressuring victims to take immediate action in order to obtain exaggerated bitcoin returns. As the DA pointed out, these strategies have regrettably worked. It is causing large financial losses for a large number of people who are frequently ignorant of the dangers involved in NFT transactions.
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