The Azuki NFT Hack: Latest in a String of NFT Scams Targeting Crypto & NFT Sector in 2023

Nowadays, it is common that we talk about a hack in the crypto sector every other day. Well, the latest victim is the Azuki NFT project. According to a statement from the company, the hack has netted the project over $700,000 in crypto-related holdings.

According to the project’s statement, the malicious actors gained access to the assets by first accessing the project’s Twitter account and then sending emails for invitations to a land-minting auction in Azuki’s metaverse, The Garden.

The Azuki NFT Hack

In this case, the exploit used by the hackers is known as a “wallet drainer.” This attack targets cryptocurrency wallets and is designed to drain them of their funds. The attackers typically gain access to the wallet through a phishing attack, such as by sending a malicious link or email to the wallet owner.

Once they have access, they can transfer the funds out of the wallet to their accounts. In the case of the Azuki NFT project, the hackers first gained access to the project’s Twitter account, which they likely used to send out invitations to a land-minting auction in The Garden.

By doing this, they could lure unsuspecting users to a phishing website, where they were prompted to enter their wallet credentials. Once the hackers had this information, they could drain the funds from the users’ wallets.

According to a report from Etherscan, the malicious actors stole over 80 or $750,000 USDC in less than 30 minutes from the Azuki NFT project. The report also states that the hackers compromised other users and stole NFTs, ETH, and other crypto assets.

The Azuki NFT project team is currently working to investigate the hack and recover the stolen assets. Although they have urged users to be extra careful and not to click on any suspicious links, they have taken steps to secure their platform and prevent such an attack from happening again.

NFT Scams 2023

The hack on the Azuki NFT project is just the latest in a string of NFT scams that occurred in the first month of 2023. The NFT sector has recently seen a surge in popularity, which has increased malicious hacks and scams targeting projects and individual users.

One notable example is the attack on NFT influencer NFTGod, who lost many assets, including a life-changing net worth. The attack began similarly to the Azuki hack, with the malicious actors gaining access to the influencer’s Twitter and Discord accounts.

Another recent example is the hack on Robinhood, a popular investment app, which lost over $8000. Robinhood was lucky because they caught the attack on time; otherwise, it would have been devastating. These attacks highlight the need for users and projects in the NFT sector to be extra vigilant and take steps to protect their assets.

It’s important to note that these are not isolated incidents and that the crypto and NFT space is a very attractive target for hackers and scammers due to the crypto market’s high volatility and the NFT space’s newness.

As such, users must be aware of the potential risks and take steps to protect their assets, such as using two-factor authentication and not clicking on links from unknown sources. Malicious actors can be very cunning, and it is best to read up on ways to protect your portfolio.

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

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