How Does NFT Hacking Work?

June 16, 2022
NFTTech

Non-fungible tokens, or NFTs, are among the hottest topics in the blockchain space right now. However, few people seem to understand how NFTs can be hacked or copied or how NFT buyers can secure their assets after purchase. This article breaks down exactly how NFT hacking works, the kind of scams threatening NFT collectors, and what you can do to protect yourself against them.

Phishing Links
A common way to scam NFT buyers is through bogus NFT offers. This scam works like this: first, a hacker gets illegal access to an account of a respected member of the NFT community, then they share a phishing link announcing a new mint of NFTs or redirecting the audience to a fake site with the intention of gaining access to the followers’ crypto wallets. After gaining access, the attackers lock the users out of their own wallets and steal their assets.

When Can an NFT get Cloned?
An NFT is a one-of-a-kind item because it is assigned a unique set of attributes. Recently, the founder of a project called Mimics –who remains anonymous– discovered that by accessing a public line of code called tokenURI, someone could get these unique attributes and redirect them to their own NFTs, making them look exactly the same as the original. This method of cloning can be done only with tokens that adhere to the ERC-721 and ERC-1155 standards.

Securing Your NFT
The most common way of securing your non-fungible tokens is by placing them in a digital wallet. The wallet will have the option to activate two-factor authentication, which means that you’ll need to enter your password as well as a security code, or another form of identification every time you want to access your account. Another security measure is using hardware wallets. These are small devices that store your private keys offline and connect via USB. They are considered one of the safest ways to store cryptocurrencies because they do not expose your private keys to an internet connection, making it impossible for hackers or malware to steal them. Hardware wallets also offer some unique features, such as passphrases and seed phrases, so if you lose your device, you can still recover your funds using these backup methods.

Final Thoughts
NFT hacking is a real danger that can be avoided by taking the proper precautions. When it comes to buying, make sure the source that is offering the collectibles is reliable. Limit the purchases to official NFT marketplaces and stay alert for phishing attacks, especially avoiding offerings sent through links on chats or messaging services. You can actually buy special software that scans for and detects malicious web content. As you can see, there are many precautions against security attacks on your NFTs. So keep calm and protect your NFTs!

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