NFT News

Spate of “Free NFTs” Scams Blights South Korea

South Koreans are being targeted by non-fungible token (NFT) scammers who pose as authentic project operators to drain cryptocurrency from their victims. Security provider East Security has warned that “phishing emails” that “steal cryptoassets” are being distributed on a large scale. Scammers are disguising their attacks as projects affiliated with Starbucks and Lotte Home Shopping by using pirated logos. The emails advertise “free” NFTs and explain that tokens can be claimed by clicking on embedded links. But clicking on these links takes victims to phishing sites, where they are encouraged to hand over sensitive data that can be used to break into crypto wallets and drain coin funds. The phishing sites have been “crafted with great care,” and potential victims are presented with QR codes that install or run a crypto wallet plugin in their browsers. Scammers then instruct potential victims to pay gas fees to receive their “free” NFTs by “connecting” their wallets. However, this step gives scammers access to wallets, enabling them to drain any funds they find. Since the number of legitimate companies entering the NFT field is increasing, there has been a corresponding increase in the number of attacks intended to steal virtual assets, according to a spokesperson from East Security. The public is therefore urged to check offers carefully before proceeding. Amazon and Gucci are reportedly preparing to enter the NFT space in earnest.

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