After the scam was discovered, many users had alerted other users by giving warnings on Twitter. Hackers stole popular NFT series like Bored Ape Yacht Club, Otherside and Oddities. In exchange for these, he received about 275 Ether tokens and then sent them to wallets through crypto mixers. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.
The popularity of NFTs is increasing. Sports clubs, automobile companies and pop stars are also getting into this business. There is growing interest in NFTs from the Web3 community as well as the metaverse industry. With the growth of business in this segment, there has also been a rise in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. A recent survey by financial services provider Mastercard of over 35,000 people in 40 countries revealed that about 45 percent of these people have bought or would consider buying NFTs.
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