Think you’ve been scammed by NFT fraud?
NFT fraud explained
What are NFTs?
Marketing NFTs
NFT fraud shows up in many ways. Scammers can use social media ads, influencer endorsements, and cold outreach on email or messaging apps to build hype around a new NFT campaign. Like many scams, they usually promise quick profits and claim to be exclusive “drops”.
Counterfeit NFTs
This is when fraudsters copy a digital file (such as an artwork or song), mint it as a new NFT, and attempt to sell it as an original. They’re often listed on legitimate platforms, which makes them harder to spot. However, as NFTs are stored on the blockchain, you can usually do your research to verify the NFT’s origin and ownership.
Smart contracts and cryptocurrency theft
NFTs are created and managed by “smart contracts” — which is code stored on the Ethereum blockchain. Because this code is publicly accessible, it can leave you open to scams—fraudsters can use fake smart contracts or malicious links to access your crypto wallet and steal your NFTs. That’s why it’s crucial to double-check links, platforms, and permissions to help protect yourself from theft.
The common types of NFT
scams to watch out for
The common types of NFT scams to watch out for
Impersonation NFT scams
If you receive a direct message from someone who claims to be an NFT artist, celebrity, or influencer, don’t respond. This is a classic sign of an impersonation scam. NFT owners or sellers never usually start a conversation unless someone messages them first. If someone does contact you first, ignore them, don’t click on any links or disclose your information.
Impersonation NFT scams
If you receive a direct message from someone who claims to be an NFT artist, celebrity, or influencer, don’t respond. This is a classic sign of an impersonation scam. NFT owners or sellers never usually start a conversation unless someone messages them first. If someone does contact you first, ignore them, don’t click on any links or disclose your information.
Pump and dump NFT scams
Pump and dump scams are when fraudsters buy a large selection of NFTs or cryptocurrencies to build artificial hype. Once demand spikes and prices rise, they swiftly sell their holdings and leave buyers with NFTs that rapidly lose value. You can avoid these scams by researching the project’s history, ownership, and distribution, and whether the hype seems organic or artificial.
Counterfeit NFTs
Scammers will also often attempt to sell counterfeits of famous NFTs, passing them off as the original at a much lower price, in order to attract unsuspecting investors. Counterfeits are sold even across popular NFT platforms, so it is vital to do your research to verify a seller and the NFT before making any investments.
Counterfeit NFTs
Scammers will also often attempt to sell counterfeits of famous NFTs, passing them off as the original at a much lower price, in order to attract unsuspecting investors. Counterfeits are sold even across popular NFT platforms, so it is vital to do your research to verify a seller and the NFT before making any investments.
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Being a victim of fraud can be devastating. We offer expert guidance and support when you need it.
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Recovering over £50,000,000 for clients like you
Over the past 3 years, we’ve recovered more than £50,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing unless we recover your money.
Meet the specialists by your side
Recovering over £50,000,000 for clients like you
Over the past 3 years, we’ve recovered more than £50,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing unless we recover your money.
Trusted by thousands
Join satisfied clients who’ve recovered their lost funds
with Vantacorex Ltd.
Call on us for guidance and support
Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way.
Call
+1 (573) 999-4788
contact@vantacorex.com
Call on us for guidance and support
Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way.
Call
+1 (573) 999-4788
contact@vantacorex.com
NFT Fraud Frequently asked questions
How you pay for NFTs depends on the platform you use. There are thousands of platforms, but most use waitlists.
Usually, once you reach the top of a waitlist, you’ll be randomly selected to buy an asset. Some platforms access USD and cryptocurrencies – however, some only accept the OpenSea cryptocurrency. The first step to buying NFTs is to purchase your currency on a crypto exchange platform and then transfer your crypto to a secure crypto wallet.
Some exchanges, such as Coinbase, have built-in wallet features that are usually offered when you open an account. You can then connect your wallet to your chosen NFT marketplace. Once connected, you’re free to browse the marketplace’s NFTs and make NFT investments.
Buying an NFT can be risky. The market is still new and unregulated, which means it’s volatile and scams are common. Due to lack of regulation, there’s also a real risk of buying counterfeit or stolen NFTs or falling victim to phishing scams.
If you’re considering buying an NFT, you should always research the project, check the creator’s credibility, and use a platform you can trust.