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The con artist sold the stolen NFTs on OpenSea and laundered the proceeds via a crypto mixer.
On May 22, the Twitter account of renowned digital artist Mike Winkelmann, also known as Beeple, was compromised.
Harry Denley, a Metamask security expert, tweeted this information.
Denley cautioned users in a tweet that Beeple's tweets containing a link to a Louis Vuitton NFT collaboration raffle were part of a phishing campaign. Denley stated that clicking on the site will deplete consumers' cryptocurrency wallets.
⚠️ Beeple's Twitter account has been compromised (ATO) to post a phishing website to steal funds.
— harry.eth 🦊💙 (whg.eth) (@sniko_) May 22, 2022
0x7b69c4f2ACF77300025E49DbDbB65B068b2Fda7D
0xF305F6073CFa24f05FF15CA5b387DD91f871b983 pic.twitter.com/0MPNwOPlEu
The fraudster staged this attack in an attempt to profit from Beeple's recent partnership with the fashion giant. This partnership saw Beeple develop 30 NFTs for the Louis The Game mobile game by Louis Vuitton. The game incorporated NFTs as player prizes.
The con artist continued to post phishing links from the account of Beeple. The links lead to bogus Beeple collections, which drew in people who were unaware. The collections specifically guaranteed a free mint for unique NFTs.
Denley added:
If we assume everything is secure, at time of this tweet the bad actors managed to scam:
Scam #1
36ETH (~$72k)
0xf305 is yet to withdraw
Scam #2
62.35ETH (~$125k)
37.59WETH (~$75k)
45 NFTs (est ~$166k)
Total = $438k (active for ~5hours)
The con artist employed a cryptocurrency mixer to launder the money.
On-chain evidence indicated that the con artist sold the stolen NFTs on OpenSea. To launder the money, the con artist submitted them to a cryptocurrency mixer.
Beeple recovered control of his account ultimately. However, he cautioned people to remain vigilant at all times, stating that anything that sounds too good to be true is a hoax.
This disclosure comes as phishing assaults continue to plague the cryptocurrency and non-fungible token industry. In the last month, MetaMask urged web3 aficionados using Apple devices to be careful of a phishing assault. This alert was issued after an Apple user lost over $650,000 in NFTs and ApeCoin (APE).
According to MetaMask, Apple devices have a default security flaw that enables hostile actors to view the seed phrase saved in iCloud.
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