NFT scammers strike again – and this time Pranksy steps in

Over the past few months, NFT scams have become a hot topic on CryptoTwitter. Unfortunately, NFT scammers are not going to stop. In one recent scam, scammers used the Pranksy name to legitimize their scam.

Who is Pranksy, and why are NFT scammers using his name?

Pranksy is an investor and also an NFT collector with legions of social media fans. Basically, his strategy is to invest in cryptocurrency as soon as it enters the market and collect a large number of tokens. This gives the project liquidity and volume. After an initial investment of $600, Pranxy’s NFT collection has grown so much that he now has one of the largest NFT collections in the world.

In the NFT space, Pranksy is a role model for NFT collectors. That is why NFT scammers are using his name to scam people. Pranksy alerted his followers to this new scam by tweeting: “A new scam has come up regarding someone manipulating my address. If you get a random ERC20 from me, don’t give it any permission, ignore it.”

Overview of NFT Fraud

This isn’t the first time that Pranksy has been the headliner in attracting scammers. In September 2021, Pranksy was scammed into buying Banksy’s seemingly legal NFT. It turned out that this collection of NFTs was fake. By coincidence, the swindler returned the money to the collector.

Others were less fortunate. Rapper and NFT guru Waka Flocka Flame lost $19,000 in an NFT scam in late December, and @shanterpster lost $281,000 worth of Bored Ape. The growing interest in NFTs has its drawbacks. However, this should not deter you from participating in the game!

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