If you’re on Twitter, you’ve probably already heard the devastating news. Popular collector NFT God got hacked after interacting with a seemingly harmless Google Ad link. The downloaded file then corrupted his computer, compromised his data, and wiped all his crypto and NFTs clean from his wallet. His entire digital livelihood went up in flames after a single click. Oof, wonder who he pissed off in a past life.
Despite this unfortunate incident, NFT God has said that he is already trying to move on from the hack.
The crypto space sometimes feels like the Wild, Wild, West. It’s incidents like this that should remind you to always remain vigilant. Scams are rampant on the internet, whether it’s in Web2 or Web3, and that extra layer of protection is only preferred, it’s essential.
Romance scams prey on vulnerability. Typically, perpetrators build a relationship with victims by posing as someone who comes from wealth. After gaining a user’s trust, the perpetrator casually offers investment tips to get their scheme rolling. Once a rapport is established, the victim is promised “easy money” if they make an “investment” through the scammer.
Be wary of the people you meet online. You never know the true intent of another person hiding behind a screen. A good rule of thumb (for crypto and beyond): If it involves money, it ain’t love. Like JLo said, love don’t cost a thing.
So-called rug pull scams happen when investment scammers propose a new crypto opportunity or NFT project that requires funding. After the project initiators receive payment, they disappear, leaving their investors with no avenue to get money back.
Do the due diligence of uncovering who it is you’re getting into bed with when it comes to investments.
Consumers have grown accustomed to frequent updates for their crypto platforms. Because of this, they can easily be scammed into giving up their private keys as part of an “upgrade” that turns out to be fraudulent.
Read the fine print before updating ANY of your crypto platforms. Official channels and socials are your best friend. Companies typically announce news about any updates.
Inexperienced crypto users may be lured into investing in a new high-value cryptocurrency exchange opportunity or a cheap “Bitcoin” that doesn’t exist. Scammers advertise the investment at a price under market value, and the victim is unaware that the exchange is fake until their investment is lost.
When investing in crypto, always check the market value of the digital currency to compare the seller’s rate. If it’s too good to be true, it’s probably a scam.
These scams act like the Trojan horse of yesteryear’s internet– it uses emails with malicious links to gather personal details, such as a user’s crypto wallet key information. If they obtain enough information, the scammer can gain unfettered access to victims’ wallet– this is what happened to NFT God. This type of fraud can also be perpetrated via text message in a method known as “smishing.”
Be wary about clicking and downloading links off the internet. Scammers are getting more sophisticated, sometimes sending malware links directly through your email claiming to be your bank.
Scams are being advertised these days! Those who have reported crypto losses since 2021 said the scam began with an ad, post, or message on social media. The most identified platforms used were Instagram, Facebook (should I even be surprised?), WhatsApp, and Telegram.
Fact check everything. Yes, I know it’s tedious. But losing your money would suck even more than spending a few extra minutes trying to debunk these scams.
January is looking good for the crypto industry– with Bitcoin and Ethereum consistently climbing in value and the degen community alive and well, I’m actually pretty optimistic about what this new year will bring.