Blockchain
Expert issues warning after Tom Brady NFT sells for £30.4k, as marketplaces saw £30 million stolen last year
An expert has warned those considering purchasing an NFT off the back of the Tom Brady £30.4k sale, as NFT marketplaces saw £30 million stolen by scammers last year.
The findings, pulled together by Smart Betting Guide, analyzed a database recording crypto scams and exploits to identify the most vulnerable platforms and blockchains over the last year – with NFT marketplaces and collections frequently targeted by cybercriminals.
While NFTs benefit from decentralized ownership, verifiable authenticity, and transparent ownership history due to being built on blockchain technology, they are susceptible to security risks like phishing attacks, physical theft, malware, and social engineering attacks.
Before the Super Bowl LVIII, a video NFT of Tom Brady sold for £32,436, while an NFT of Joe Montana – who previously played for both the Chiefs and 49ers – went for £27,088.
The celebrity appeal behind these NFTs could see a surge in demand for more crypto endorsements, especially ahead of major sporting or starstudded events.
However, users should be cautious if considering making a purchase, as NFT platforms saw £30,366,456 in funds lost due to scams – the vast majority of which (97%) were stolen from Ethereum users (£29,530,291), followed by Binance (£816,247) and Cardano (£19,918).
There’s all the more reason to be especially cautious now, as the analysis also found that February is one of the worst months for crypto losses, with an average of £623,366,085 taken by scammers each year. This is 6% above the typical monthly loss (£594,861,199).
However, NFT databases and collections saw fewer funds stolen than other platforms, with crypto bridges losing more than £326 million (£326,241,991) due to exploits last year. This is 118% higher than the average loss reported across the affected platforms (£149,640,022).
The blockchain that saw the most funds stolen this way was Ethereum, accounting for 88% of the losses (£318,030,610), followed by Avas (£8,127,726) and Binance (£83,655).
Following behind as the second-most affected category is CeFi platforms, with £198,296,739 lost due to cybercriminals over the last year. This loss is a third (33%) above the average.
The category that saw the lowest sum lost was stablecoins, designed to maintain a stable value relative to a specific asset, such as other cryptocurrencies or commodities. In 2023, scammers stole £8,009,767 from this crypto – 95% below the average (£149.6k).
While February was the third month that saw the most funds stolen, the worst month came out as December, with a loss of £821,716,080 (39% above the monthly average).
Ranking second is January, with an average of £662,039,960 taken yearly. This is 12.2% above the monthly average and makes for a tough start to the year for blockchain users.
The risk drops slightly once we get into March, with the average sum lost equating to 2.9% less than the monthly average. Overall, the likelihood of being hit by a crypto scam is higher in the first half of the year compared to the second half – aside from in December.
As well as identifying when blockchain users are most likely to be targeted by scammers, the data reveals which scams resulted in the highest losses since 2011. Rug pull exit scams proved the most damaging, with a total of £41.3 billion stolen over the past 13 years.
Regarding the findings, Zigmas Pekarskas, CEO of Smart Betting Guide, said: “As with any technical asset, cryptocurrency is vulnerable to scams – especially as it continues to grow in popularity and application. This is particularly true given crypto transactions are often anonymous and typically irreversible, so it’s difficult to trace transactions back to individuals.
“Some platforms, including NFT databases, are more susceptible to cybercrime than others. When transacting on one of these platforms, ensure you do your research and due diligence. Research the NFT marketplace and the seller, focusing on reviews, ratings, and feedback from other users. This must be done even when purchasing an extremely limited or in-demand item, like the Tom Brady NFT that sold before the Super Bowl.
“Verify that the NFT you’re interested in is authentic and not an authorized copy, and check the usage rights. Use a secure cryptocurrency wallet to store your funds and NFT assets – ideally with multi-signature support – and report any suspicious activity or fraudulent listings to the marketplace’s support team as early as possible.”
The post Expert issues warning after Tom Brady NFT sells for £30.4k, as marketplaces saw £30 million stolen last year appeared first on HIPTHER Alerts.
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
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- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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