Cybercriminal Sentenced After Alleged $800K NFT Theft via Hijacked X Accounts
Main Idea
A 22-year-old cybercriminal was sentenced to one year in prison for hijacking verified X accounts to steal nearly $800,000 in NFTs and cryptocurrency through fraudulent raffle scams.
Key Points
1. The cybercriminal hijacked verified X accounts of prominent digital artists and brands to post fraudulent NFT raffle links, tricking victims into authorizing wallet transactions.
2. Over 200 victims were defrauded in a matter of days during 2022, losing NFTs and cryptocurrency worth $794,000.
3. The scam exploited trust in verified social media accounts, highlighting ongoing security risks in the NFT market despite declining demand.
4. The cybercriminal had a history of high-profile crypto thefts, including a $40 million SIM-swapping attack, and was sentenced shortly after previous incarceration.
5. The case underscores the need for improved security measures to prevent social media account hijacking and NFT-related scams.
Description
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