NFT Marketplace Gets Stung in US$150,000 Scam

NFT Marketplace Scam

Users of a marketplace for game item NFTs were victims of crypto scam on Tuesday when it was revealed that a link sent through the project’s official Discord channel was a scam set up to steal crypto.

Those who followed the link and connected their crypto wallets found that their holdings of Solana (SOL) cryptocurrency have been stolen.

The value of the stolen Solana is estimated to be around US$150,000.

The marketplace, called Fractal, specialises in the buying and selling of NFT and quickly cultivated a following of more than 100,000 users through Discord — making it a target for the kind of scammers that have plagued NFT projects since the beginning.

Following the hack, a blog post from Fractal declared victims who had lost money would be fully compensated. However, while apologising, the blog post also appeared to put some of the responsibility onto followers of the project telling users there’s no ‘undo button’ in crypto.

Users of NFT Marketplace Get Scammed


Altcoin News

Ripple’s XRP found strong support on Monday and Tuesday after a period of decline due to ongoing issues with the Securities Exchange Commission (SEC).

In late 2020, the SEC filed an action against Ripple Labs. The SEC alleges that they raised over US$1.3 billion through an unregistered, ongoing digital asset securities offering.

However, the complaint alleged Ripple raised funds through the sale of XRP in unregistered security to investors both in the US and around the world. Ripple is also alleged to have distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.

The complained resulted in XRP dropping from US$0.78 levels to UD$0.17 levels back in late 2020. Market forces had driven XRP back to US$1.96 levels in April of this year before sliding back to $0.50 levels.

However, XRP has recently seen greater price stability than its peers. Following a modest decline of 0.84 percent in the week ending 19th December, XRP was on the move at the beginning of this week – jumping from US$0.84 on Tuesday to its current price of US$0.95, according to CoinMarketCap.

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