NFT phishing scams involve phony advertisements to draw people to fake websites and pop-ups. When victims click the link to these fake websites, they are usually prompted to input their private wallet keys or 12-word security seed phrases. These details give scammers access to victims’ wallets, and they can cart whatever crypto and NFT stored in them. Many users of the popular wallet MetaMask recently fell victim to this scam. This scam reportedly led to losses of at least $500,000.
Notably, links to fake websites in phishing scams are typically sent to Telegram and Discord platforms. This is because NFT communities popularly use these platforms.