In the fast-growing world of NFTs (non-fungible tokens), it's crucial to be aware of potential scams that can threaten your assets. This guide aims to educate and protect you from a specific type of scam called the "airdrop scam." By understanding how these scams operate and taking preventive measures, you can safeguard your investments and avoid falling victim to deceptive practices.
Understanding the Airdrop Scam
The airdrop scam involves receiving a fraudulent NFT airdrop, such as a "Magic Eden" Mystery Box or a Summer Box, claiming to be an official Solana NFT. Scammers use bots to identify recent transactions and send their scam tokens to those addresses. It's important to note that every transaction on the blockchain is public information.
Important Note: Magic Eden will NEVER randomly distribute a 'Mystery Box' or any similar style of NFT through an airdrop.
Below are a few examples of scam airdrops that users have previously reported to the listings team.
How and When Did I Receive the Airdrop?
Most likely, you received the airdrop around the same time you purchased another NFT. However, it's possible to receive these scams at any time due to the automated nature of the bot used by scammers.
The Deceptive NFT Description
The NFT's description typically contains a persuasive message enticing you to click on a provided link. For instance, it may claim that you've been randomly selected to receive an official Solana NFT and prompt you to visit a website for claiming purposes. However, these links are designed to deceive and exploit unsuspecting users.
The Consequences of Clicking the Link
If you click on the link and connect your wallet to it, you risk losing all your assets. These links are malicious blockchain programs designed to drain your wallet. Once you have clicked and approved the request, it is impossible to reverse transactions on the blockchain, as they are permanent.
I Clicked the Link, Now What?
If you have already clicked on the deceptive link and approved the request, it's likely that you have lost your assets. Unfortunately, there is no way to recover them. However, in some cases, the project team responsible for the scam may assist in tracking down your NFT and attempt to repurchase it if it has been listed for sale. You can reach out to them through their project's Discord or Twitter pages, but keep in mind that they are under no obligation to help.
Can I Recover My NFTs and Crypto?
In general, the chances of recovering your lost NFTs and crypto are slim. Once scammers obtain your assets, it becomes challenging to retrieve them. It's crucial to exercise caution and avoid engaging in suspicious activities that may compromise your wallet and assets.
Is My Wallet Compromised?
Yes, if you have fallen for the airdrop scam, it is highly likely that your wallet has been compromised. It is recommended to revoke app permissions and review our article on securing your wallet. While scammers may not be able to access anything else in your wallet, it is safer to create a new wallet and consider using cold storage solutions like a Ledger to store your assets.
Securing Your Wallet and Assets
To ensure the security of your wallet and assets, it is essential to follow best practices. This includes revoking unnecessary app permissions, creating a new wallet if compromised, and utilizing cold storage solutions. Avoid storing your assets in hot wallets susceptible to attacks.
What to Do with the Scam NFTs
If you are a Phantom user, you can easily dispose of the scam NFTs by burning them directly in your wallet. Open the token, click the three dots at the top right, and select "Burn All Tokens." By doing so, you will receive some SOL back.
Protecting yourself from NFT scams requires vigilance, caution, and staying informed. Whether you are interested in Bitcoin Runes, Ordinals, or NFTs on Ethereum or Solana, we recommend taking precaution when collecting NFTs.
By recognizing the signs of fraudulent airdrops, refraining from clicking suspicious links, and securing your wallet and assets, you can minimize the risk of falling victim to these scams. Remember to exercise due diligence and always prioritize the security of your NFTs and crypto assets.
