Security News > 2022 > March > New vocabulary for the same old scams: 3 tricks that trap people buying NFTs
New vocabulary for the same old scams: 3 tricks that trap people buying NFTs. Malicious smart contracts, sleepminting and seed phrases are unfamiliar terms for most people new to the world of non-fungible tokens and cryptocurrencies.
Anyone dealing in NFTs and cryptocurrency needs one.
Transfer the minted NFTs from those other wallets so the NFT can be sold to an unsuspecting buyer.
It's DNS without ICANN. As NFTs and cryptocurrency become more mainstream, you'd expect some guard rails to pop up to protect against bad actors.
"The use of ENS domain names also has the effect of advertising the cryptocurrency balance the owner carries in their wallet, their NFT holdings, etc. A cybercriminal hoping to maximize their returns would naturally choose to target those users with the largest balances."
Consider using a freshly generated wallet address holding just enough funds to cover the cost of a new purchase, if you have to connect a cryptocurrency wallet to purchase or mint an NFT. Also See Share: New vocabulary for the same old scams: 3 tricks that trap people buying NFTs.