NFT Scams Are Getting Popular Among Hackers
The latest report from Elliptic titled “NFTs and Financial Crime,” was released on Wednesday that covers all NFT-related hacks between July 2021 and July 2022. The company has stated in the report that: The Elliptic took to it to Twitter stating that:
It was also revealed that over $8 million have been laundered in illicit funds using NFT-based platforms since 2017. Elliptic revealed that: Elliptic said that it was the “source of $137.6 million of crypto assets processed by NFT marketplaces and the laundering tool of choice for 52% of NFT scam proceeds” before sanctions were imposed on Ethereum mixer Tornado Cash by the Office of Foreign Assets Control. The company also unveiled that there is a need to enhance the screening of fraudulent activities to improve security features on NFT platforms. A group of hackers has recently targeted the entire Discord and Twitter communities of major crypto projects like Bored Ape Yacht Club (BAYC), which got attacked twice in June. So, screening of such frauds is a must nowadays in order to improve the security of NFT platforms. Also Read: Spotify is testing new feature that allows artists to promote NFTs – PhoneWorld
