Bored Ape Owner trades $570K NFT for crappy JPEGs

Bored Ape Owner trades 570K NFT for crappy JPEGs

The NFT collector was given an offer he couldn’t refuse, which unfortunately seemed too good to be true.

Digital collectibles have been plagued by malicious activity ever since they became highly valued assets. In this case, a user was tricked into thinking he was getting more out of the NFT transaction, but nothing came of it.

Based on a series of tweets posted by a BAYC collector called 0xQuit, a user nicknamed “s27” had his “Bubble Gum” Bored Ape and several Mutant Apes steal through an NFT trading platform called KiwiSwap.

Quit explained that he received a notification on Discord that a Bored Ape was selling below the rock bottom, essentially meaning the owner “sold it in a panic” because of price fluctuations, or the user was hacked.

However, it became apparent that his NFT on KiwiSwap was fished out due to a simple design flaw in the platform’s user interface. The scammer used the mistake and got the owner of Bored Ape No. 1584 to exchange his NFT for some counterfeit.

It wasn’t the first time someone fell for a similar scam. Another user replied to the post, claiming that his Mutant Ape Yacht Club (MAYC) NFT was stolen in the exact same way, only on a different DeFi protocol called VeraSwap.

That said, the most common scams surrounding the NFT market are carpet pulls. About a week ago, the Bored Bunny NFT collection was exposed as a “slow carpet” when its owners took away about $21 million from investors.

by Dom Z. – Crypto Analyst, BitDegree

Leave a Reply

Your email address will not be published. Required fields are marked *