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User loses 593 ETH on NFTs with phishing attack

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A New York artist and non-fungible token (NFT) collector known as Toddkramer revealed that he was the victim of a million scam.

As the cryptocurrency enthusiast revealed, the scam cost him the temporary loss of 16 tokens belonging to the famous Bored Ape Yacht Club (BAYC) collection, valued at more than $2 million.

Phishing Attack deprived users of 593 ETH

According to Toddkramer, he was the victim of alleged hacking by a phishing attack, caused by a malicious smart contract targeting decentralized wallets like MetaMask.

Through this type of attack, if the user clicks on the malicious contract and does not read the authorization terms, it grants the contract permission to spend tokens on its behalf.

The user revealed that the 16 stolen NFTs belong to three different collections: 8 from the Bored Ape Yacht Club, 7 from the Mutant Ape Yacht Club and 1 Clonex NFT.

So, based on the estimated price of each piece, the total value of stolen goods came to 593 ETH. That equates to $2.24 million.

Toddkramer shared some of his experience and anguish at seeing his missing NFTs on Twitter:

“I was hacked. All my Bored Ape Yacht Clubs are gone. They just sold them. Please help me”.

He then added that the scammer was asking for money on his behalf:

“Now there is a scammer who uses my name. I’m not begging for money,” he wrote.

The person responsible for the scam tried to sell the parts on the NFT OpenSea market. However, the application has frozen the assets and they can be returned to Toddkramer.

“I’m waiting for the OpenSea team to get in on the act. Lesson Learned: Use a hardware wallet. I never knew there were so many troll accounts. Kindness prevails and the community is really cool,” he said.

NFT-related scams have become increasingly common. This is due to the growth that these assets had in the last year, driven, in general, by play-to-earn games.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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