Digital artist and non-fungible token (NFT) creator Mike Winkelmann, better known as Beeple, had his Twitter account hacked on Sunday, May 22 as part of a phishing scam.

Harry Denley, a security analyst at MetaMask, alerted users that Beeple’s tweets at the time containing a link to a Louis Vuitton NFT collaboration raffle were, in fact, a phishing scam that would drain cryptocurrency from users’ wallets if they were clicked on.

The scammers were likely looking to capitalize on a recent royal collaboration between Beeple and Louis Vuitton. In early May, Beeple designed 30 NFTs for the luxury fashion brand’s “Louis The Game” mobile game that were embedded as rewards for players.

The scammer continued to post phishing links from the Beeple Twitter account that led to fake Beeple collections, luring unsuspecting users with the promise of a free mint for unique NFTs.

The phishing links were active on Beeple’s Twitter for approximately five hours and on-chain analysis of one of the scammers’ wallets shows that the first phishing link assigned them 36 Ethereum (ETH) worth approximately $73,000 in that moment.

The second link gave the scammers around $365,000 in ETH and NFT from high-value collections like Mutant Ape Yacht Club, VeeFriends, and Otherdeeds, among others, bringing the total value stolen from the scam to around $438,000.

On-chain data shows the scammer selling the NFTs on OpenSea and putting his stolen ETH into a crypto mixer in an attempt to launder the proceeds.

Beeple then tweeted that he had regained control of his account, adding to remind his followers that “anything too good to be true IS A FUCKING SCAM.”

Related: Needed: A Massive Education Project to Fight Hacks and Scams

Beeple has created three of the ten most expensive NFTs sold to date, including one that sold for $69.3 million, the most expensive ever sold to a single owner. This attention has made it a target for hackers.

In November 2021, an admin account on Beeple’s Discord was hacked with scammers who also promoted a similarly fake NFT crash that resulted in users losing around 38 ETH.

Earlier this month, cybersecurity firm Malwarebytes released a report highlighting a rise in phishing attempts as scammers try to cash in on the NFT hype. The firm noted that the use of fraudulent websites presented as legitimate platforms is the most common tactic used by scammers.





This post Targeted Phishing Scam Generates $438K in Crypto and NFT from Hacked Beeple Account

was published first on https://cointelegraph.com/news/targeted-phishing-scam-nets-428k-in-crypto-and-nfts-from-hacked-beeple-account

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