According to a report by NFT market experts, there has been a scam and appropriation of NFT photos worth more than 550,000 USD. It is worth mentioning that the scam method is simply taking screenshots and photoshopping NFT images.
Specifically, a user with the nickname s27 is the owner of two NFT photos belonging to the popular Bored Ape collection. This is the most popular and valuable NFT collection currently on the market. The two NFT Bored Ape photos that s27 owns are valued at up to $ 550,000.
Later, s27 uploaded two pictures of her NFTs to Swap.Kiwi, a website that allows people to exchange NFTs with each other. s27 was offered a lucrative deal, which was to exchange his 2 NFT Bored Ape for 3 other NFTs from the Bored Ape collection.
What is too good to be true, however, is often unreal. It turned out that the 3 NFT photos that s27 was offered to exchange were fake. Not some sublime fake, but a fake made in a way that couldn’t be easier.
The scammer took screenshots of genuine NFT Bored Ape photos, saved them as JPEGs, and then photoshopped them in to add a confirmation mark (like an anti-counterfeiting stamp). With practically no way to check the authenticity, s27 was easily fooled and accepted this seemingly lucrative transaction.
As a result, s27 traded his 2 NFT Bored Ape photos worth up to $550,000 for 3 worthless JPEGs. Cryptocurrency and market experts NFT also said that there is no way to reverse the transaction, nor can the fraudster be traced.