Cyberattackers hacked Ferrari's subdomains website to promote a fake NFT collection that pretended to be the much-anticipated official one and duped its consumers.
Non-fungible tokens, or NFTs, are a new sort of digital asset that has been gaining popularity as big tech constructs the Metaverse. NFT is data recorded on a cryptocurrency blockchain that has been signed by a digital certificate to verify it is unique and cannot be copied.
Having an NFT is similar to having a real asset, except the real deal is digital. The NFT trend is quickly spreading and is closely tied to cryptocurrency. It's also expanding rapidly. To mention a few, One Plus, Budweiser, Nike, Visa, Adidas, and Louis Vuitton have all entered the NFT realm. NFTs usually sell for a few dollars, however, in rare situations, the price of NFTs can surge.
Sam Curry, an ethical hacker and bug bounty hunter, reported seeing one of Ferrari's subdomain forms on Thursday. A false NFT (Non-Fungible Token) fraud is hosted on ferrari.com.
Having a brand new Ferrari is exclusive for the wealthy, with prices ranging from $250,000.00 to 1.8 million dollars. Last year Ferrari announced it might soon sell digital Ferrari NFTs to appease its fan base, which made this scam all very convincing.
Ferrari and Velas Network AG have established a new relationship. Velas stated that they would break into Formula 1 in 2022 alongside Ferrari. Internationally, the company is noted for its transparency and leadership in blockchain, digital products, and services.
"Mint your Ferrari," a crypto scam, encouraged users to buy NFT tokens by falsely claiming Ferrari had launched "a collection of 4,458 horsepower [sic] NFTs on the Ethereum network."
Further analysis by Curry and a security engineer is known as d0nut found how attackers hacked the subdomain and used an Adobe Experience Manager weakness to host its bitcoin fraud.
"After more investigation, it appears that this was an Adobe Experience Manager exploit. By poking around, you can still uncover remains of the unpatched site," Curry wrote.
Many people have criticized blockchains for conducting crypto trading and NFT services because of it's large energy consumption and environmental impact. Ferrari picked Velas for more than just the speed. The company operates in a carbon-neutral manner. Ferrari while announcing the big news claimed that "they have transformed the world of blockchain by inventing a pioneering, energy-efficient platform that functions at unprecedented speed."
