Phishing assaults in the realm of non-fungible tokens (NFTs) have taken a disturbing new turn, as it has been reported that school children are Phishing NFTs worth millions of dollars so that they can spend them on desired Roblox skins.
This new and troubling trend was brought to light by The Block in a story published over the weekend. According to the piece, young people are behind a growing number of exploits involving compromised Discord servers and Twitter accounts.
The report focused on a specific event that occurred with the Ethereum-based bridge protocol Orbiter Finance. In this case, a purported journalist contacted the moderators of a Discord channel in an attempt to deceive them into giving over control of the server.
Seeing this as an opportunity to steal NFTs, the culprit created a false airdrop notice and directed visitors to a phishing website. This website was meant to steal NFTs.
Reportedly, the victim of the phishing assault lost around one million dollars worth of cryptocurrencies and non-fungible tokens as a result of the hack.
It is important to note that this event was not an isolated occurrence but rather was part of a bigger wave of phishing assaults that targeted the NFT market.
Since December 2021, at least 900 Discord servers have been targeted by such attacks, with a substantial increase noted in the number of servers targeted in recent weeks and months. This information was gleaned from data collected by an NFT analyst known as OKHotshot.
Even if we restrict our analysis to the time period beginning on June 1 of this year, it is quite evident that the problem is becoming worse: OKHotshot tweeted on June 16 that as many as 46 different Discord servers had been compromised by phishing scams involving cryptocurrencies and NFTs since then.
According to an article published on The Block, these malicious operations have compromised over 32,000 wallets over the course of the past nine months, resulting in a total loss of $73 million in the form of stolen NFTs and tokens.
In the report, it was stated that the situation is even more concerning owing to the involvement of young individuals, with an estimated 95 percent of the attackers being high school students under the age of 18. This was a quote from a security researcher who goes by the moniker Plum.
According to him, their level of participation typically reaches its highest point during the summer months, when they have more spare time on their hands.
He also revealed that the youths’ favourite items to purchase with the earnings from their scams include computers, phones, designer clothes, and, most significantly, Roblox skins. He said that these goods are the most popular among the youngsters.
“I have personally spoken to a good number of them, and I am aware that they are still attending school. I’ve seen images and movies taken at their respective schools, which feature a number of them. According to what Plum was reported as saying regarding the individuals responsible for the most recent phishing wave in crypto, “They talk about their teachers, how they’re failing their classes or how they need to do their homework.”
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