In a concerning turn of events, phishing attacks in the non-fungible token (NFT) world have taken an unexpected twist with school children allegedly stealing millions of dollars’ worth of NFTs to spend on sought-after Roblox skins. As per Cointelegraph, an article from The Block this past weekend highlighted a surge in exploits compromising Discord servers and Twitter accounts, with a growing number of these attacks orchestrated by young individuals.
One incident centered around the Ethereum-based bridging protocol Orbiter Finance. Here, a supposed journalist contacted moderators of a Discord server, ultimately deceiving them into surrendering control of the server. The perpetrator then launched a fake airdrop announcement guiding users to a phishing site engineered to steal NFTs, resulting in a reported loss of about $1 million in NFTs and digital currencies.
However, this is not an isolated occurrence. On the contrary, it is part of a larger influx of phishing attempts in the NFT arena. NFT analyst OKHotshot has collected data that shows at least 900 Discord servers falling victim to such attacks since December 2021, with a significant increase observed in recent weeks and months. Additional statistics reveal the ongoing severity of the issue, with as many as 46 Discord servers being subjected to crypto and NFT phishing scams since June 1st.
In total, these malevolent activities have impacted over 32,000 wallets in the past nine months, translating to a combined loss of approximately $73 million in purloined NFTs and tokens. What makes this phenomenon even more alarming is the involvement of young perpetrators – an estimated 95% of attackers are high school students under the age of 18, according to a pseudonymous security researcher known as Plum.
This researcher has found that the youngsters’ involvement peaks during summer holidays when they possess more free time. He also detailed how scammed proceeds are often used to purchase laptops, phones, designer clothes, and notably, Roblox skins. Plum revealed having spoken with several of these underage attackers, even seeing pictures and videos of them at their schools. “They talk about their teachers, how they’re failing their classes or how they need to do homework,” he said, shedding light on the individuals behind this latest phishing trend in the crypto world.
As phishing attacks in the NFT space continue to escalate, the role of young people in orchestrating these heists raises serious questions about how to address this growing problem. Curbing the exploitation of Discord servers and Twitter accounts will require greater vigilance, as well as education on online safety practices for those engaged in the NFT and crypto markets.
Source: Cryptonews
