Wednesday, September 28, 2022
HomeNFTHackers breaches new NFT Collection, causing a USD 2 Million loss

Hackers breaches new NFT Collection, causing a USD 2 Million loss

With the launch of its latest project at the start of the year, TheShifters.io nurtured the ambition of becoming a successful NFT collection. Previous collections received critical acclaim, with one character, Vortex, earning more than USD 1 million.

Repeated FUD (fear, uncertainty, and doubt) attacks on Discord, however, have sabotaged such goals. “The number of FUD assaults on all new NFTs is now out of control,” Andrew Brown, the collection’s developer, remarked.

He said that the team had put in endless hours and spent a lot of time promoting the idea. Brown stated his displeasure that people are tarnishing the brand’s reputation “by disseminating false information about them on the internet.”

“The toxic nature of the NFT industry today makes fresh collection launches almost impossible to succeed in,” he stated.

The hackers stole over USD 2 million by building a fake website for The Shifters to dupe unsuspecting investors into purchasing fake NFTs. The complex scam also includes the use of an illegal mint connection to receive payment for the fake NFTs.

“We believe that there were roughly USD 2 million in fraudulent transactions employing bogus shifters,” Brown added. “We are doing all we can to educate consumers on the proper manner of purchasing them and hope that no one else is duped by these hackers.”

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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