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Solana community came together to “scam”, in order to get Stolen NFTs

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Solana community came together to “scam", in order to get Stolen NFTs 4

The Solana-based NFT game development partner increased the royalty from the usual 5% to 98%, when the fraudster listed the 25 stolen NFTs for sale and then repurchased them.

At the height of the NFT boom, it has been common for traders to get cheated with their non-fungible tokens. However, in an interesting incident, the Solana community came together to plan and  “cheat” on a scammer to recover some of their collections of stolen NFTs.

It all started when the UnchainedNFT which is a cross-chain gaming development studio, their Discord channel got hacked, and the scammers were allegedly able to hack 109 user wallets. The fraudsters reportedly escaped with more than 150 SOL worth tokens and 25 World of Solana (WOS) NFTs, which included three rare and highly valuable digital collections.

WOS is a collection of 2,222 exclusive heroines, currently, the most expensive avatar is listed at 123 SOL about $5,600. The current floor value of the collection is 2.03 SOL.

After being hacked, the community decided to recover the stolen NFTs. The WOS team contacted their development partner via Cyberfrog on Twitter and increased the royalty on stolen NFTs from 5% to 98% by default.

After the hack, the community further decided to retrieve the stolen NFTs. The WOS team contacted their development partner which goes with the name Cyberfrog on Twitter and they increased the royalties on stolen NFTs from the default 5% to 98%.

The community was also asked to keep an eye on MagicEden, a marketplace for Solana NFTs for any new listings that are being made for this collection. The scammer was trapped within two days and the community was able to repurchase all the 15 NFTs, with the remaining 10 sniped.

Sniping is a term used for the process of waiting until the last few seconds of the NFT auction before making a winning bid. This strategy is used to prevent other NFT bidders from bidding higher before the end of the auction.

The community was successfully able to retrieve 10 other sniped NFTs and return 25 WOS NFTs to their original owner.

After this, a Twitter thread describing the hack and events of the community activity requested and urged the community members to “always use the burner wallet and be careful when minting NFTs”. This is the second time the small NFT community has managed to get back from the scammers.

Read also: World Bank would not support CAR’ Sango crypto hub

Solana community came together to “scam”, in order to get Stolen NFTs

 

https://bitcoinik.com/solana-community-came-together-to-scam-in-order-to-get-stolen-nfts/feed/

https://bitcoinik.com/solana-community-came-together-to-scam-in-order-to-get-stolen-nfts/feed/

 

 

 

 

 

 

 

 

 

 

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