Phishing Scam: Users Lose Over $1.2 Million in Polygon NFT Airdrop Fraud

An NFT airdrop phishing scam has recently targeted hundreds of users on the Polygon network, with losses of over $1.2 million.

TL;DR

  • Phishing scams on the Polygon network have led to over $1.2 million in losses for hundreds of users. Scam Sniffer warns of ongoing scams.
  • Around 1,354 fraudulent NFTs mimicked real airdrops from projects like ApeCoin and Uniswap. 
  • The scammers distributed the NFTs to 530,000 wallets, with 329 victims experiencing a collective loss of $1.25 million.
Still from NFT Airdrop Scam

NFT Airdrop Phishing Scam on Polygon Drains Users of $1.2M

The NFT Airdrop Scam Steals Millions

Hundreds of users have become victims of phishing scams related to NFT airdrops on the Polygon network, with more than $1.2 million in losses. Recently, Scam Sniffer, an on-chain anti-scam crypto service, found details about this scam, warning that the number of victims continues to grow as the situation unfolds.

During Scam Sniffer’s investigation, they discovered around 1,354 fraudulent NFTs on the Polygon network. These NFTs were imitating real airdrops from projects such as ApeCoin, Polygon, and Uniswap.

Individuals who received these airdropped NFTs were lured into visiting websites associated with Inferno Drainer, one of the “Scam As a Service” providers responsible for taking $13 million in recent months. Shockingly, scammers moved the NFTs to 530,000 wallets, with 329 victims experiencing a collective loss of $1.25 million.

Once people opened their portfolio trackers or wallets, these NFTs caught their attention. However, when users clicked on these NFTs, the NFTs directed them to fraudulent websites. Unfortunately, victims without knowing signed signatures during the airdrop claiming process. After analysing on-chain data, it was found that the total gas usage for airdropping was extremely low, adding to a mere $17,827.

As crypto evolves, phishing scams picking out NFT users have grown. This shows the urgent need for more security measures within the cryptocurrency community. Notably, social engineering plays a significant role. In addition, scammers use tactics to manipulate users and take personal information, passwords, or seed phrases. This experience further shows the cryptocurrency community the importance of staying alert. To stay safe from scams, read up on our guide to NFT and crypto security with Ledger.

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