I received an incomprehensible token or NFT. What should I do?
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09-19-2023
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5 min
NFT scam, fake token mailings and what to do with them-explain briefly.
Fake NFTs, fake tokens have gained a lot of popularity in recent years. In this article we will briefly explain what happens if you own such tokens, what happens if you use fake NFTs and tokens.
Fake NFTs, fake tokens have gained a lot of popularity in recent years. In this article we will briefly explain what happens if you own such tokens, what happens if you use fake NFTs and tokens.
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Popular types of scam
Do you have an address that you’ve been using for, say, over a year? Have you noticed that even if you’ve never bought an NFT, you nevertheless see through the explorer that you own some sort of raffle ticket or new airdrop?
Chances are you just weren’t even paying attention, but you can attach a message to every transaction. Here’s an example of how an unknowing user created an NFT and sent out to sanctioned addresses:
In this example, we will look at how scammers try to use NFT for their own purposes. In the screenshot above, you can see how an unknown address (scammer) mints NFTs to sanctioned addresses of Chatex exchange (including sending the same NFT to SUEX exchange).
The NFT is a picture with text stating that the owner of the address who received the NFT is summoned to the District Court of Northern Illinois (USA). The person who received this NFT has 21 days to respond.
Of course, this is scam. You should not pay attention to such NFTs, as they can be used by both malicious users and ordinary users who want to advertise their product using unconventional methods.
Of course, this is scam. You should not pay attention to such NFTs, as they can be used by both malicious users and ordinary users who want to advertise their product using unconventional methods.
Another, but very similar type of NFT scam is minting Airdrop NFTs to the addresses of the intended community. This type of NFT can be characterized as phishing.
The scheme is standard: you receive an Airdrop NFT along with the message:
"Congratulations!!! You have been lucky enough to participate in Airdrop #ourproduct. To participate you need to:
— The presence of this NFT at your address
— go to the #phishing site
— connect your wallet with NFT to the site and get your prize"
Naturally, when connecting to the site, a visual "error" may occur and you will be asked to manually connect your wallet by typing in your SEED phrase. After that, having gained access to your address, the attackers clear your address.
"Congratulations!!! You have been lucky enough to participate in Airdrop #ourproduct. To participate you need to:
— The presence of this NFT at your address
— go to the #phishing site
— connect your wallet with NFT to the site and get your prize"
Naturally, when connecting to the site, a visual "error" may occur and you will be asked to manually connect your wallet by typing in your SEED phrase. After that, having gained access to your address, the attackers clear your address.
The point of this scam is that it is not the victim who finds the attacker, but the attacker himself chooses the victim and makes her come into the clutches of the scammer.
Why not to worry
NFT as a scam is not dangerous if you don’t pay attention to them. No matter how many NFT scams your address receives, no one will consider your address high risk.
NFT scams, similar to fake tokens that often arrive at your address do not increase your Risk Score. There is one important feature: do not interact with such NFT and Scam tokens. The ML algorithms of Risk Score systems include logic that the user is not involved with scam tokens and scam NFTs if the user was solely the recipient and did not interact unilaterally.
There is also the practice of burning scam tokens and scam NFTs. But it is worth considering that each Risk Score provider treats such transactions differently, i.e. with one Risk Score provider you can whiten your address, while with another provider you will on the contrary worsen your Risk Score.
There is also the practice of burning scam tokens and scam NFTs. But it is worth considering that each Risk Score provider treats such transactions differently, i.e. with one Risk Score provider you can whiten your address, while with another provider you will on the contrary worsen your Risk Score.
How not to get scammed
Let’s skip the words "be careful", "DYOR" and other similar sentences. Let’s go through useful tools.
If you want to check a token, we advise you to use the Token Sniffer. The Token Sniffer tool will help you identify a scam token. The lower the token’s rating on Token Sniffer, the more likely scam is in front of you. USDT token scam example: 0xB05…3F225:
To verify the authenticity of NFTs, you should use a search query on popular NFT sites
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The most rare NFTs are posted here. The platform is popular, and its main advantages are the addition of only verified and well-known artists, as well as the prohibition of exhibiting works through other marketplaces.
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A centralized site that distributes only original NFTs.
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An NFT marketplace. Before you can create your tokens, you must join the community, receive an invitation, and submit your work for evaluation. However, not all submissions are accepted, but such verification does not guarantee security for buyers.
Then there are the popular marketplaces, but buying NFT on them is still a more in-depth study of smart contract addresses:
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A service for NFT trading, where there is virtually no verification of added content. Registered users can easily release their tokens using PNG, GIF, WEBP, MP4 and MP3 files.
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The largest platform in terms of turnover. Everyone can create new NFTs here and there are no strict checks. The marketplace is really convenient and of high quality, but few people are interested in authenticity here, so you need to be careful.
In order not to get scammed by an ordinary user, we advise you to pay attention to the Btrace tool. This tool allows you to find out the Risk Score of your counterparty.
Below is an example of analyzing a Binance hot address with the Btrace tool.
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