Cryptocurrency: How Scammers Stole About $300,000 Through Fake Websites

More than $300,000 worth of Ethereum (ETH) has been stolen through fake websites from Blur, the world’s largest Non-Fungible Tokens (NFTs) marketplace.

The victim had linked their wallet to fake websites in anticipation to claim “Blur Token Airdrops”.

According to TrustCheck, malicious websites used by criminals contain smart contracts that steal users’ ETH when it gets connected. TrustCheck added that it has flagged up to 12 of those fake websites. 

Investors King gathered that Blur is the newly launched zero-fee NFT marketplace that quickly gained the attention of NFT enthusiasts. The platform recently overtake OpenSea as the largest NFT marketplace. 

Blur is airdropping its tokens’ $BLUR’ based on various parameters in different waves, including trading activity and loyalty with their platforms. The hype surrounding the airdrop thus created an opportunity for perpetrators to promote scams through malicious websites. 

The malicious websites created by scammers are camouflaged with a smart contract designed to transfer ETH from users’ wallets to the scammer’s websites. 

It is however important that users should follow the instructions on verified Blur’s social media accounts on Twitter, Discord, and others to avoid such scams.

Additionally, traders especially those in search of airdrops should watch out for fake websites and phishing attacks which are now common across the internet.

In February 2023, a URL masquerading as the Ethereum Denver Conference website accessed 2,300 wallets and stole over $300,000. 

Meanwhile, after being threatened by the accession and the unexpected popularity of Blur, OpenSea has eliminated its own 2.5% fee, the company’s primary source of revenue for a “limited time.”

As the competition between Blur and OpenSea deepens, NFT traders and enthusiasts have expressed a positive sentiment, stating that the competition is good for the NFT market. 

Although OpenSea still records a higher number of users than Blur, the platform however currently has a higher trading volume majorly due to the activities of whale traders who flip NFTs to game Blur’s reward program.