A word of warning to those in the NFT collecting game, the shady underbelly of scammers and con artists continues to broaden its creativity. Therefore, using levels of skulduggery and subterfuge the likes of which boggle the mind.
In her latest thread, self-professed careful collector, Jennie Cute Cat, describes how she was hoodwinked via an elaborate NFT scam. As a result, losing around 0.6 ETH ($1700) in funds, but coming away a little more cautious and a degree wiser following the incident.
In what comes as a genuinely smart move, Jennie decided to follow the transactions of NFT influencers instead of listening to their silken words. To do this, she set up an alert system on icy.tool which would notify her of any activity.
How I got scammed 😭 #nftinvest I wasn’t sure if I should post this, because I was so stupid and I am so angry with myself rn. But again, I want to let more people know what happened so you won’t make the same mistake. Let’s begin… pic.twitter.com/9a1TkgH25M
— Jennie (@JennieCuteCat) April 27, 2022
As a result, an alert triggered from someone on her list of respected collectors, and Jennie jumped in to investigate. What she found was an apparent ‘stealth drop’ for a Louis Vuitton collection with a massive 26 ETH floor. Following a mint link, she located the drop, meeting with an availability tracker quickly counting down to zero. So, letting the FOMO get the better of her, Jennie then snapped up 5 NFTs for 0.12 apiece.
Shortly afterwards, the dread set in. The transactions didn’t show up on OpenSea, and the NFTs notable for their absence. She was the victim of an extravagant ploy, hooked by those exploiting members who read between the transactions. Thankfully, Jennie conducted herself through a designated hot wallet, and the damage limited to what she had spent. Others however, were not so lucky.