NFT Buyers Beware: Journey of a Crypto Scammer and How to Stop Them

With examples changing hands for up to $69 million, hosting digital content on blockchain and selling it to investors has become one of the most lucrative things creators can do. And as rock stars, international artists, and even politicians keep “minting” non-fungible tokens (NFTs) and investors keep rushing in to buy them, the NFT space has undergone exponential growth. 

As of January this year, the NFT market is worth at least $4 billion — up from around $250 million in 2020 (the year when NFTs first came to public attention). This means that regardless of whether you think NFTs are just “expensive jpegs” or a future-focused investment, interest in NFTs is rocketing and likely to keep growing, with some forecasts putting the NFT market at $80 billion by 2025

Unfortunately, threat actors have not missed this growth, and malicious activity within the NFT investment space is surging. Using investor interest in NFTs and cryptocurrency as an entry point for phishing attacks, cybercriminals are increasingly deploying credential-stealing malware to hijack crypto accounts and steal cryptocurrencies and other digital assets. 

Last year, Morphisec’s Research Team encountered and fully disclosed the inner workings behind the Babadeda Crypter, a dynamic new threat aimed at

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