The cryptocurrency market has seen a lot of scams in recent times. In recent times, the cryptocurrency market has seen an increase in scams. The latest scam to hit the space is that of Beeple’s Twitter account being hacked to post a fraudulent link. These have been in the form of phishing attacks, Ponzi schemes, and fake ICOs.The bad actors in the market seem to be targetting high-profile individuals and companies in an attempt to gain access to people’s funds.
Beeple account compromised
The news headlined as Mike Winkelmann announced through a tweet, that his Twitter account had been hacked. The tweet said:
“My Twitter account was just hacked and used to post a scam link. I am working with Twitter to get this resolved. Please do not click on the link!”However, Beeple went ahead to announce that they have retrieved the account and they are in control of the account.
According to reports from the inside, it appears that the victims lost 35 ETH today, valued at around $71,000 so far. The account of ‘BEEPLE’ was hacked, and a phony link to an “official raffle entry” was shared. Twitter users were cautioning others against clicking on it, alleging that their Ethereum wallets had been emptied.
Beeple’s collaboration with Louis Vuitton in launching NFTs project
Louis Vuitton engaged BEEPLE in April to create non-fungible token (NFT) art as prizes for a raffle and game called Louis: The Game. Beeple is a digital artist who is best known for creating the Everyday: The First 5,000 Days project.
Louis Vuitton is a French fashion house and luxury retail company founded in 1854. It is the world’s largest luxury brand. Luxury and fashion brands have been actively experimenting with NFTs and blockchain gaming in an effort to appeal to Gen Z consumers, who have a potential purchasing power of up to $143 billion.
Crypto market has recently become vulnerable to hackers
Bad actors have long utilized smart contract flaws to steal digital assets from numerous cryptocurrency projects. Billions of dollars worth of money have been lost in recent years. Thieves who steal huge sums of money may consider attacking the DeFi and NFT markets. The consequences of such occurrences may be devastating. Because investors could be held accountable, businesses will want to make sure that critical contracts are kept private. To protect investors, smart contracts, as well as crypto-insurance firms, are emerging.
A hacker launched a similar assault on the Rare Bears NFT project, which just debuted in the non-fungible token sector. A link posted in a Discord channel appeared to be phishing, stealing almost $800,000 from a user’s account. The hacker raided the site, stealing 179 NFTs. He acquired one of the most well-known NFTs, Rare Bears NFT. Aside from that, he was able to acquire Azuki and a number of LAND tokens.
Users ought to be vigilant
It is important for users to be vigilant when it comes to online activity, especially when crypto is involved. Beeple’s hack is a reminder that no one is safe from these kinds of scams. Users should always double-check links before clicking on them, and they should never input their private keys into any website.
