A new report by Elliptic reveals a staggering amount of theft across countless exploits and scams.
Over half of the aforementioned figure – $69.5 million, to be exact – represents the value of NFTs stolen by various methods. The vast majority of these thefts were carried out via phishing attacks.
80.1% of the stolen digital artworks were acquired via e-mail and social media-based phishing. The remaining were carried out via swap scams, impersonation scams, and other methods.Curiously, phishing attacks were not only used to relieve unwary collectors of their holdings. Some phishing scams either airdropped free NFTs or sold inexpensive NFTs – often in a .
Although bad actors abound in the NFT space, the document indicates that many of the rug-pulls that took place within the past year were projects started by initially honest devs who overpromised and, when faced with the reality that their attempts at delivering were futile, decided to exit scam and go into hiding.
Rug pulls within the past year have been relatively inefficient, with scammers only gaining several thousand dollars before moving on to the next unlucky victims. There are some exceptions, however – such as the Evolved Apes debacle, which netted the scammers nearly $2.5 million off of hopefulThe report also brings attention to even more underhanded tactics.
The report ends with several recommendations aimed at users who wish to protect themselves from becoming victims – and warns readers that possible future scams may take forms not yet seen anywhere else, urging everyone to keep their guard up.
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