BAYC owner cheated for $ 567,000 worth of NFTs with fake PNGs

BAYC owner cheated for $ 567,000 worth of NFTs with fake PNGs

The owner of the irreplaceable token (NFT) Bored Yacht Club (BAYC) was defrauded for at least $ 570,000 after the victim was deceived into exchanging his NFTs for worthless PNGs.

The victim – s27 – lost BAYC # 1584 and two Mutant Ape derivatives (# 13168 and # 13169) from the fraudster, The Block reported quoting the pseudonym 0xQuit.

According to Rarity Tools, BAYC # 1584 has a rarity rating of 111.99 out of 10,000. It is one of 119 chewing monkeys.

Block reported that the fraudster used swapkiwi, a third-party service, to make a direct exchange with the victim.

Unlike common markets such as OpenSea, platforms like swapkiwi allow direct NFT swaps between collectors, reducing gas fees – administrative fees for transactions.

Swapkiwi and other similar platforms allow direct NFT exchanges between collectors, reducing transaction fees which are different marketplaces like OpenSea.

The fraudster set up fake NFTs exchange for s27’s legitimate Monkey Boring and Mutant Monkey. The scammer used pictures of real Bored Apes monkeys to make fake replicas and put them on OpenSea, The Block reported.

The attacker took advantage of the way swapkiwi displays verified NFTs. The appearance of a check mark inside the image makes it easier for fraudsters to take a picture of the Boring Monkey and edit it on it, according to 0xQuit.

0xQuit warned that a check mark should not appear inside the image to prevent copy attacks, while also adding that it would be easier to check if NFTs are real if the collection is associated with NFT’s contract address.

Block reported that the scammer had already sold chewing gum for 98 ETH ($ 337,000) – a price lower than BAYC’s current minimum price of 111 ETH ($ 382,000) – and Mutant Ape derivatives also for a price lower than the original price.

Swapkiwi made the statement in response to the incident, saying the firm has begun working to improve its platform to prevent future outbreaks.

Image source: Shutterstock

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