Canada’s Political Shift: Trudeau’s Departure and the Rise of Pro-Crypto Leaders
BTFD Coin’s 90% APY Staking Rewards and PENGU’s Growth in Focus
NFT/Tokens Gainers of the Week (30 Dec – 5 Jan)
Solv Protocol (SOLV) Megadrop Launches: Join with BNB Locked Products or Web3 Quests to Earn Rewards!
Pepe Deep Dive
NFT/Tokens Gainers of the Week (23 Dec – 29 Dec)
Fartcoin Deep Dive
Best Bitcoin ETFs to Buy Right Now
What Are Pudgy Penguins (PENGU)? The Ultimate Collector’s Guide
Crypto.com vs Coinbase: Choosing the Right Exchange for You
10 Safest Crypto Exchanges to Use for Secure Trading in 2025
What is KYC in Crypto and Why Do Crypto Exchanges Need KYC?
What Is Dollar-Cost Averaging? Definition, Benefits, & Examples
What is an NFT Drop? Your Simple Guide to Participation
15+ Best Crypto Signals Telegram Groups in 2025
NFT Dapps: A Comprehensive Guide for Creators and Collectors
11 Best P2P Crypto Exchanges for Secure & Fast Transactions
Top 7 Binance Alternatives for 2025: Fees and Features Reviewed
What are PFP NFTs? Why are Profile Picture Tokens so Hyped?
What Is Trust Wallet? A Comprehensive Guide to Its Features and Safety
How to Use Phantom Wallet in 2025?
Custodial vs Non-Custodial Wallet: Choosing the Right Option
Phantom Wallet Review 2025: Is it Safe & Worth it?
What is DeFi (Decentralized finance) and How Does it Work?
What is DeFi NFT: The Ultimate Guide
How to Create A DAO: The Ultimate Guide
What is a DAO In Crypto & How Does It Relate to NFTs?
By NFTevening
Risks abound in the crypto space, particularly when working with NFTs. A recent event on the Blur Marketplace brought these risks to light. A user lost $240,000 in NFTs after falling for a phishing scheme. A source on X(Twitter) revealed this information.
Three Elementals, 40 Beanz, and six Bored Ape Yacht Club NFTs were the targets of the fraud. Source: X
Three Elementals, 40 Beanz, and six Bored Ape Yacht Club NFTs were the targets of the fraud. The stolen NFTs were then listed for just one $WEI each on the marketplace. For context, $WEI is the smallest unit of ether, making the listing price almost zero.
This scam was sophisticated. It took advantage of a loophole in Blur’s listing procedure. The scammer manipulated the copyright settings of high-value NFTs. This diversion of proceeds to their address allowed them to profit from the scam. They used a rule that canceled existing transactions to keep their activities hidden.
The owner was unaware that the scammer had listed the NFTs. In essence, this got around the platform’s security measures. Through manipulation of the NFTs’ royalty settings, the scammer circumvented the platform’s anti-private listing restriction. They were able to establish a private sale as a result, making sure that the transaction could only be completed by their address.
PinkDrainer’s fraud in May. Source: X
Solidity developer and auditor 0xQuit shed light on the scammer’s strategies. Using the bait-and-switch technique, the fraud lured the victim in by promising a free NFT mint or airdrop event that was promoted on social media. The user unknowingly approved a transaction on a phony website after being tricked by scammers.
This incident does not stand alone. Coinfomania reported a similar phishing scam in May, where a scammer named PinkDrainer ‘drained’ the user tatis.eth of three Bored Ape Yacht Club NFTs worth about $145,000. This shows a concerning trend of sophisticated scams in the NFT space.
The recent phishing scam on Blur Marketplace highlights the risks in the crypto and NFT spaces. Scammers are continually finding new ways to exploit system loopholes and deceive users. You should regularly stay informed and take security measures, this is crucial to safeguarding digital assets.
Disclaimer
NFTevening is an award-nominated media outlet that covers NFTs and the cryptocurrency industry. Opinions expressed on NFTevening are not investment advice. Before making any high-risk investments in cryptocurrency or digital assets, investors should conduct thorough research. Please be aware that any transfers and transactions are done at your own risk, and any losses incurred are entirely your responsibility. NFTevening does not endorse the purchase or sale of any cryptocurrencies or digital assets and is not an investment advisor. Additionally, please note that NFTevening participates in affiliate marketing.
Cryptocurrency
Learn
Analysis
Analysis
Guides
Cryptocurrency
Exchanges
Learn
Guides
Exchanges
Exchanges
Learn
Please be aware that our Privacy Policy, Terms of Use, and Disclaimers & Ethics notice have been updated.
NFTevening is a renowned and award-nominated media platform dedicated to reporting on the cryptocurrency industry. Its journalists adhere to a rigorous set of editorial standards, guided by principles designed to uphold integrity, ensure editorial independence, and maintain unbiased reporting across all its publications.
The latest news, articles, and resources, sent to your inbox weekly.