In recent months, a wave of fraudulent Non-Fungible Token (NFT) schemes targeting South Koreans has seen scammers posing as legitimate project operators in order to steal crypto from their victims. According to South Korea's Yonhap news agency, East Security, a security provider, reported that malefactors are using "phishing emails" to distribute their scams. Such emails, which include pirated logos from companies such as Starbucks and Lotte Home Shopping, often advertise "free" NFTs and prompt users to click an embedded link to acquire them.

However, this link leads to a phishing site operated by the scammer, and those who proceed may be taken through a range of steps which eventually lead to them providing sensitive data. These details can then be exploited to gain access to a victim's crypto wallet, allowing the scammer to drain their funds. East Security deemed the phishing sites "carefully crafted," and warned that they may be asking users to pay gas fees to connect their wallet in order to receive their NFT. Doing this, the security company added, will only grant the scammer access to their wallet.

East Security emphasised that people need to be exceedingly careful when it comes to NFTs, as the surge in legitimate business venturing into the NFT space, coupled with the rise in crypto investment, has been accompanied by an increase in fraudsters preying on unsuspecting victims. As such, the public should do their due diligence when presented with offers involving virtual assets.



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