Cybercrime Southeast Europe Newsletter No. 60

New Trends in Scammers’ Practice in the Balkans – Fake NFT Collections

Dear client,

Before we discuss the scam itself, it is important to explain what NFTs are. NFT, or non-fungible token, is a unique digital token that proves ownership of a digital asset — such as an image, music, video, or collectible item. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are interchangeable, each NFT is unique and cannot be exchanged for another in the same way. NFTs are bought, sold, and traded on specialized platforms and have become popular as digital art and collectibles.

However, due to their popularity, the NFT market is increasingly targeted by scammers, and a new trend is emerging in the Balkans — fake or copied NFT collections.

Case example:
In April 2022, one of the biggest NFT thefts in history occurred — the official Instagram account of the popular Bored Ape Yacht Club collection was hacked. Through a fake website that looked identical to the original, hackers managed to steal NFTs worth around $2.7 million. Users received fake requests to sign transactions in exchange for free token transfers, unknowingly handing over their digital assets to scammers. Although the collection owners had two-factor authentication enabled, hackers managed to bypass security measures, showing how sophisticated these scams have become.

How do fake NFT collections work in the Balkans?
Scammers create digital copies of popular NFTs or entirely fake collections and sell them via fake accounts or unverified platforms. They often use social media to promote them, promising profit and exclusivity. Buyers unfamiliar with the technology or market easily fall victim to these schemes.

How to recognize and protect yourself?

• Check if the collection or seller is verified on the NFT platform.
• Always research the NFT creator and verify official communication channels.
• Do not accept transactions or offers sent via direct messages or links on social media.
• Be skeptical of offers that seem too good to be true.
• Use reputable and well-known platforms for buying and selling NFTs.
• Protect your digital accounts with two-factor authentication and regularly change passwords.

In today’s digital world, education and caution are the best tools to protect yourself from increasingly sophisticated scams.

Kind Regards,

Your DefendMe Team