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Showing posts with label non-fungible token. Show all posts
non-fungible token
Bitcoin Scam Blockchain Crypto Scam Cyber Attacks Ethereum NFTs non-fungible token

 Ferrari Subdomain was Seized over to Promote a Bogus Ferrari NFT Collection

 

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."
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User Security
Cyber Fraud NFTs non-fungible token Scammers Technology User Security

Centre of Attraction for Scammers : NFTs

 

NFTs - non-fungible token have been around for a few years now, but recent attention has sparked a surge throughout the market. NFTs are all here to stay, according to proponents, as they're more stable. Though enthusiasts may be correct about NFTs' long-term viability, as they may also no longer be a significant part of the art market once the original frenzy subsides. The art market's key elements are authenticity and originality, and NFTs certainly delivers both. 

A non-fungible token (NFT) is a data unit on a digital ledger known as a blockchain that really can represent a single digital object and therefore is not interchangeable. NFTs can be used to depict digital files like art, audio, video, video game objects, and other types of creative work. However, the definition can appear to be fundamentally abstract, it comes down to being able to assert exclusive possession of a collectible. 

"The higher the value of a cryptocurrency, the higher the volume of fraud targeting its users," says Abhilash Garimella, research scientist at fraud prevention firm Bolster.

NFTs can reflect digital possession of almost everything, for instance we can take, Twitter CEO Jack Dorsey's first tweet, Grimes' original art, Marvel artists' exclusive superhero comic drawings, and every other form of artistic work, including videos and audio. The Marvel comics entered the blockchain world, where an Ethereum-based Spiderman NFT was sold for $25,000. And till now the NFT "cryptocurrency collectibles" have sold for more than $100 million. 

Bitcoin and other cryptocurrencies have been questioned, despite proponents believing they are the future of economic systems and opponents dismissing them as nothing but a digital Ponzi scheme. Bitcoin mining is said to use as much energy as used by entire countries. People have become much more hesitant to buy and sell off their assets on the blockchain as they have become more aware of its vast energy requirements. Despite the fact that the blockchain is also said to be safe, there've been numerous cryptocurrency hacks. Both of these factors can deter young people from joining the craze, making it more difficult for NFTs to achieve long-term success. 

Hackers are indeed searching for ways to get as many Bitcoin, Monero, Ethereum, and other valuable digital coins as feasible, as shown by their fondness for ransomware, crypto mining, and hacking through cryptocurrency exchanges and extracting all of their assets in recent times. 

In 2020, two Florida teens and a British man duped a number of people into thinking that the 130 high-profile Twitter accounts they'd took over might potentially double people's bitcoin assets once they'd been collected by Elon Musk and Bill Gates. Many people have fallen for the scam which involves Musk allegedly offering "free" NFTs after victims "verified" themselves by giving a small number of bitcoins "temporarily". This was one of the NFTs scams.
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