The scammers have struck again! Recently, scammers (or a scammer) who used the phishing method well managed to collect almost $438,000 in cryptocurrency and NFT by hacking a Beeple account. In this article, we detail the strategy of the scammer.
Hacking a Beeple account and posting fake links
Sometimes hackers take inspiration from current events in order to successfully set up their methods to lure investors into traps. In this case, the scammer posted a series of fake links to a fake Louis Vuitton NFT raffle. In fact, to achieve this, he took into account that Beeple recently entered into a partnership with the luxury fashion brand.
For his strategy to work, the hacker started by hack the artist’s twitter account and popular non-fungible token (NFT) creator Mike Winkelmann better known as Beeple. Then he has published its links using Beeple’s account. Unfortunately, investors thought it was really Beeple who was behind the posts. However, in reality, this was not the case.
MetaMask security analyst Harry Denley has alerted users that Beeple’s tweets containing a link to a sweepstakes for an NFT collaboration with Louis Vuitton were actually a phishing scam which emptied cryptocurrency from users’ wallets if they clicked on it. Some people clicked on the link anyway.
$438,000 pocketed through piracy
The scammers were probably looking to take advantage of a recent collaboration between Beeple and Louis Vuitton. In early May, Beeple designed 30 NFTs for the luxury fashion brand’s mobile game Louis The Game, which were included as rewards for players.
The scammer continued to post phishing links from Beeple’s Twitter account, leading to fake Beeple collections that lured unsuspecting users with the promise of unique NFTs for free.
The phishing links stayed on Beeple’s Twitter account for about five hours, and a chain analysis of one of the scammers’ wallets shows that the first phishing link got them 36 ether (ETH), or a value of approximately 73,000 dollars.
As for the second link, it brought the scammers around $365,000 and many NFTs from high value collections. For example, they managed to get items from the Mutant Ape Yacht Club, VeeFriends, and Otherdeeds collections. In total, they got nearly $438,000.
Once the scammers were successful, they sold the NFTs on OpenSea and the ETH reserves were put into a cryptocurrency mixer to launder the gains.
Professional crooks have managed to implement a well-thought-out strategy to steal around $438,000 from NFT investors. They took advantage of the announced collaboration between Beeple and the Louis Vuitton brand.
Source : Cointelegraph
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