“All my apes gone,” New York’s Ross + Kramer gallery owner wrote in one of his deleted tweets while asking for help with his stolen NFTs. Todd fell victim to a phishing scam that cost him 15 NFTs from his Etherem Wallet. The stolen NFTs included four apes from the famous Bored Ape Yacht Club collection and had a total valuation of $2.2 million. The thief had already sold off many of the stolen pieces when Todd took to Twitter for help.
Todd was able to get several of his NFTs back with the help of buyers and Opensea, the biggest NFT platform. Five hours after the initial post, Todd again tweeted, updating everyone that all the stolen apes are frozen and further unsellable on Opensea. But this was not much of a solution as the scammers can quickly sell the frozen NFTs on other marketplaces. Todd further commented that this was a lesson for him, and he would be using a hard wallet from then on. The decentralized nature of NFTs makes it very hard to tackle such thefts.
With the tremendous rise in the value of NFTs, theft has also increased in leaps and bounds. If you have been in the NFT community for some time, you will get first-hand experience of many phishing attempts. However, as an NFT holder, you can protect yourself from these scams and cyberattacks by storing your NFT art in hard wallets. Gallery owner Kramer Todd had been using a hot wallet connected to the internet all the time, making his assets more vulnerable. Hard wallets (cold wallets) are physical devices that connect to the internet only when you plug it in and engage with it. With the rise in hackers and scammers, you should always be careful if you love your digital art collection.