Opensea Must Massively Remove Distributed Fake Reddit NFTs

OpenSea has removed some of the fake NFT Reddit lines distributed by scammers. The primary address of the scammers has been identified to contain approximately $4,500 in different assets, and the total amount of the scam has yet to be determined.

As updated in an earlier Coincu News article, Reddit’s official NFT Collectible Avatars continues surge in transaction volume. Since its launch in July, more than 2.9 million collectible avatars have been minted.

Correspondingly, the total number of Reddit NFT wallets currently stands at 2.8 million. However, the collection’s supply has not grown proportionally, with only a few thousand NFTs minted per day compared to a record daily rate of around 200,000 NFTs minted at the end of August.

Because of its hotness, many fakers have created Fake Reddit NFTs for profit. On October 30, according to Blockworks, scammers used the NFT platform RPlanet to broadcast Genesis on October 25 to list the ERC-721 tokens minted and distributed on the Opensea Reddit page.

Blockchain analytics firm Halborn says the main addresses of the scammers have been identified, containing around $4,500 in different assets, and the total amount of the scam is yet to be determined.

Now, OpenSea has removed some fake NFT Reddit lines. It is well known that OpenSea’s system, designed to limit such activity, is said to be able to detect such counterfeits within seconds, although not without flaws, and is constantly being refined. Instead, this largest NFT platform used a combination of copymint system and real-time monitoring of employees.

Although detected and immediately dealt with, however, fake Reddit NFTs are believed to have existed for at least 24 hours prior to market action.

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