How to Protect Yourself from NFT Scams

There are a lot of scams going on in the NFT space unfortunately – the most common one involving fake URLs. 

It’s extremely concerning to me how many people are clicking fake URL websites, connecting their crypto wallet, not reading the terms, and unintentionally giving permission to scammers to steal their NFTs. 

This is by far the biggest scam I see right now in the NFT space – fuck fake URLs! Check out this video for more on how to protect yourself:

In this article, we’ll talk about a few precautions and steps you can take to not get scammed – hope this helps.

Enter Team GaryVee:

In this article, we’ll talk about the common scams in the NFT space and how to protect yourself. 

Scammers are becoming more and more deceptive as new people enter the NFT space. One of the biggest things you can do to protect yourself is triple checking the URL of any site that you’re trying to reach. You can minimize your risk of getting scammed by making sure the URLs you’re clicking on are legit. 

Many scam sites are made to look identical to actual sites that you’re familiar with – but the URL will be slightly different: 

Check for extra letters, different site extensions, or similar looking characters: 

One example of this is a scam happening in the ad section of Google Search. When users search “VeeFriends” – for example – into the Google search bar, the ad placements at the top will sometimes link to fake websites. 

Please note that these sites are paid ads, and they’re not real. The official VeeFriends website URL is veefriends.com.

Two ways someone can get scammed 

  1. Revealing your secret phrase (also known as your seed phrase)

Your secret phrase is a series of words that’s your way of accessing your wallet from any device. Make sure your secret phrase is written down on a piece of paper, and that you have more than one copy. 

Most importantly. DON’T GIVE IT OUT TO ANYONE. 

  1. Connecting your crypto wallet & authorizing a malicious transaction

 Both of these scams could occur on fake website URLs – where hackers may ask you to reveal your secret phrase or connect your wallet to their site. 

These aren’t the ONLY scams that can occur, but these are the most common. 

Where scams can take place

Scammers most commonly work through fake DMs, fake profiles, fake tweets, fake emails, and on Discord. Sometimes, they might also hack verified Twitter accounts. 

Scammers often use Discord DMs to try to lure victims to malicious sites. 

1. 

With Discord Nitro, scammers can choose any username – they can even impersonate Gary and send links to fake URLs. 

Regardless of whether scammers hack Twitter accounts, or send you fake DMs, if you see a post that ever promises any exclusive minting opportunity through a link, please make sure to thoroughly verify it. 

Examples of scams that happened in the past 

  1. ApeCoin Launch

One example is a scam that happened during the ApeCoin launch. Scammers hacked verified Twitter accounts during the launch, and those accounts (that had blue checkmarks and Bored Ape Yacht Club profile pictures), 

Users that clicked the links got taken to a fake site, connected their wallet, and got scammed.  

ApeCoin put out a link of the only official website. 

  1. Animation scam

Another well-known scam offered to animate your NFT. These scammers also hacked verified Twitter accounts that also directed users to a malicious link pretending to animate their NFTs – once again, users got tricked into connecting their wallets, and got scammed. 

Recap

Ultimately, the sure-fire way to not get scammed is to make sure you’re on the right URL. 

There are 3 ways to do that: 

  1. Type out the right URL yourself. 
  2. Click the URL in bio of a project’s verified Twitter profile,
  3. Verify the origin URL of the transaction.

If you found this article helpful, please share it on Twitter!

Check this out

If you follow me on Twitter, you may have already tuned into the new series I’ve been doing – #MorningWalkTalk. It’s pretty much just me chatting during my morning walks and filling you guys in on whatever’s currently on my mind.  That being said, enjoy these quick takeaways from every walk...

Read More >>

×
×