One of the top on-chain analysts in the NFT space, zachxbt, posted a thread on Twitter about an active NFT scam ring. Notably, the group has 1355 ETH in their main wallets, nearly $4 million at the time of writing. Additionally, this figure does not include the amount already paid out by these specific individuals in the NFT scam ring.
On-chain analysis points to multiple NFT scam rings behind major Discord hacks
In short, zachxbt decided to shed some light behind one of the groups that have been running some of the recent Discord hacks.
In particular, zachxbt cracked Zeneca’s 333 Club hack last weekend. In this hack, 110 ETH worth of NFTs were stolen from this particular group. Through two infographics (including the one above), the analyst made a connection between this scam and previous Discord hacks.
Like most NFT Discord scams, the scam ring works by posting fake Mint links on NFT Discords, stealing valuable NFTs to sell quickly, and then funneling the funds through multiple wallets en route to a main wallet . Alarmingly, zachxbt estimates that this particular scam group made 8 digits by stealing NFTs in this manner.
Could a group of scammers be behind all NFT Discord hacks?
In the first and last tweet of the thread, zachxbt alludes to an alarming conclusion. That said, most if not all of the NFT Discords hacks are done by just a few different groups. As if that wasn’t bad enough, the analyst goes on to say that “all of these people are from forum sites.” Seems to imply that they communicate with each other and compete against each other to hack discord servers.
The idea of an affiliated NFT scam ring making a game of scamming people out of millions certainly adds insult to injury. In fact, the number of Discord hacks has spiraled out of control over the past few months. Unfortunately, it is usually the individual NFT owners who bear the brunt of these attacks.
Of course, Discord hacks aren’t the only scams NFT owners need to watch out for. Although the vast majority of today’s scams have the same end goal. Namely, tricking people into clicking phishing links or signing transactions on fake embossing sites. One of the latest scam trends has been people using stolen, verified Twitter accounts to trick people into clicking phishing links.
And just this morning, a scammer was able to hack the BAYC Instagram. In this case, a scammer also used a fake airdrop site to get people. Those who fell for the scam ended up signing transactions that transferred their NFTs to the scammer. This attack alone was bad enough to steal around $3 million worth of NFTs.
To read through zachxbt’s analysis, see the original Twitter thread here.