Reading time: ~2 m
Attackers take advantage of the inexperience of users of the NFT marketplace from Coinbase to sell fake tokens
The marketplace of non-fungible tokens from Coinbase has become a hotbed of fake NPTs. This opinion was expressed in his blog by researchers DappRadar.
It is reported that as part of beta testing, attackers are actively selling fake tokens under the guise of original ones. At the same time, the price tag of such fakes is significantly lower than the originals and stands at around ~$15.
In addition, the marketplace has already acquired its own “NFT-kits”, which are also trying to deceive newcomers. For example, the CheeryBen account owns over 200 tokens, and the number of transactions has exceeded 100.
However, as DappRadar found out, the user is actively winding up the NFT price tag, inflating the price of tokens by 100 times. For example, having bought a fake token from the Nounbird collection for 0.0138 ETH, an unknown person put it up for sale for 138 ETH.
According to the researchers, the attackers take advantage of the ignorance of Coinbase users, since earlier about 2 million users applied for testing the marketplace from the American crypto exchange.
Recall, the editors wrote that in the first five hours of trading after the launch of Coinbase NFT, less than 110 transactions were made, and the sales volume was $ 60,000. For comparison, the volume of transactions on the platform openSea, the leader of the NFT industry, for the same period amounted to $ 124 million.
It should also be remembered that Coinbase was the last of the leading crypto exchanges to realize that it was missing out on the hype around the NFT segment. Meanwhile, other sites such as Gemini, Binance and FTX have long deployed their own or absorbed existing marketplaces.
All information contained on our website is published in good faith and objectivity and for informational purposes only. The reader is solely responsible for any actions taken on the basis of information received on our website.
#Coinbases #NFT #platform #aimed #inexperienced #users