BAYC Scammers Spend Almost 4 Months On Their Plan

A scam of 14 BAYCs worth more than 852 ETH has been planned for almost 4 months and carried out by cunning sophisticated people, resulting in investors being hard to spot.

Web3 security analyst named Serpent detailed the scam event mentioned above.

The victim (@ sevenseason_) was approached by the con artist using the non-existent identity @JasonBrubeck, who requested a license for the IP rights to BAYC #2060. They identify themselves as a casting director employed by “Forte Pictures,” a Los Angeles-based Emmy-winning company with offices at Sony Pictures Studio.

Taking advantage of the situation, scammers registered the domain forte(.)pictures 118 hours ago; however, this is not the company’s domain name; instead, it operated under Mizelle’s website, marcusmizelle(.)com. Then they pretended to be the business and claimed to be working on “The Return of Time,” a movie about NFTs, alongside “Unemployd,” a “AI-powered social IP platform for NFTs,” which was also a hoax.

They made several long-distance calls, spoke with victims for weeks, made up partnerships and proposals, and constructed fictitious legal contracts. This was a long-term, sophisticated swindle that gradually gained trust over time.

They “submitted a bid” through Unemployd after going over contracts and debating the details with an email address. He was tricked into going to Unemployd to “sign the contract,” and that’s where his wallet was stolen.

He was supposed to sign a gas-free Seaport signature for the license, according to the hoax website. However, for 0.00000001 ETH, the fraudster received a private bundle listing of all of the victim’s BAYCs created by the signature.

The matchOrders function was used by the scammer’s wallet to complete the private sale using funds provided by Secret Network. The con artist then converted the 852.86 WETH to 1.07 million DAI after accepting the highest WETH offers on all of the NFTs.

The fund was later transferred to another wallet by the con artist, where it is currently dormant.

This is one of the tricks used by sophisticated scammers. However, it is not easy to execute. Both the scammer and the person being frauded take a lot of work. And it is also a warning to investors as scammers’ way of approaching surnames is increasingly common, especially in the NFT space.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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