NFT Market Hit by $240K Phishing Scam Amid Downturn


  • In a sophisticated phishing scam, a user lost $240,000 worth of NFTs, including BAYC, Beanz, and Elementals.
  • The scammer exploited a vulnerability in Blur marketplace’s listing system to conduct unauthorized private sales.
  • The incident highlights increasing risks in the NFT space and the need for heightened vigilance and security measures.

In a troubling incident amid a stagnating NFT market, a user has reportedly lost a substantial collection of NFTs valued at $240,000. The stolen assets included six Bored Ape Yacht Club (BAYC) NFTs, 40 Beanz, and three Elementals pilfered in a sophisticated phishing scam.

The scheme was executed by an unidentified perpetrator who manipulated the Blur marketplace’s listing system to facilitate unauthorized private sales. A Solidity developer and auditor known as Quit disclosed the details of this phishing incident on X (formerly Twitter).

Quit explained that the victim mistakenly set the sale price of their entire NFT collection to just 1 Wei (the smallest unit of Ethereum) due to a fraudulent setup by the scammer on the Blur marketplace. This blunder led to the transfer of six BAYC, 40 Beanz, and three Elementals to the scammer’s address for a negligible amount.

At the time of the theft, Ethereum’s value stood at $3,300.68, having experienced a 4.25% decrease within a day. Ethereum’s market capitalization was reported at $396.5 billion, with a 24-hour trading volume of $12.56 billion.

The fraudster’s strategy involved circumventing Blur Marketplace’s policy against private listings by deceiving users into listing their NFTs at inflated prices. Exploiting a vulnerability in the platform’s system, the scammer managed to conduct private transactions and alter the royalty configurations of the NFTs. The scam included luring the victim to a counterfeit website, often through a fake Twitter account promoting a non-existent mint or airdrop verification service.

BAYC, one of the oldest and most prestigious NFT collections, was created in April 2021 and runs on the Ethereum blockchain. The project currently has a floor price of 10.48 ETH, a total volume of 1,554,494 ETH, and 5,395 holders.

Introduced in March 2022, Beanz is a unique NFT project with a floor price of 0.2169 ETH and a total volume of 180,119 ETH, according to OpenSea.

Azuki Elementals, an anime-themed NFT project, is also in the spotlight due to the scam. This project holds a floor price of 0.39 ETH and has amassed a total volume of 41,811 ETH.