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Category: NFT News

NFT Scams and Crypto Frauds Unleashed

By Published On: March 3, 20241.3 min readViews: 2190 Comments on NFT Scams and Crypto Frauds Unleashed

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The official Twitter, Facebook, and YouTube accounts of the British Army fell victim to a sophisticated hacking incident, with scammers promoting fraudulent NFTs and cryptocurrency schemes. The breach, which lasted nearly four hours on Sunday, led to the promotion of fake NFT collections and crypto giveaway scams, drawing attention to the growing concern over security on social media platforms.

Immediate Response and Investigation

Upon discovering the breach shortly after 2:00 pm EST on Sunday, the UK Ministry of Defense Press Office (MOD) swiftly took to Twitter, announcing that an investigation was underway. By approximately 5:45 pm EST, the breach had been contained, and the British Army’s social media accounts were secured. An apology was issued, emphasizing the commitment to learning from the incident and bolstering security measures.

Scope of the Scam

Screenshots circulated by users show that the hackers promoted fraudulent versions of popular NFT collections, including The Possessed and BAPESCLAN. At least one pinned tweet contained a phishing link related to The Possessed collection, posing significant risks to users’ cryptocurrency wallets. On YouTube, the hackers impersonated the investment firm Ark Invest, using the platform to broadcast fake interviews with high-profile figures like Elon Musk and Jack Dorsey, accompanied by QR code scams promising lucrative crypto returns.

Broader Implications for Security

This incident underlines the vulnerabilities of social media platforms to sophisticated cyber-attacks, with scammers exploiting these channels to conduct wide-reaching frauds. As the digital landscape continues to evolve, the British Army’s experience serves as a cautionary tale, highlighting the need for enhanced security protocols and public awareness to counteract the rising tide of online scams and phishing attempts.

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