zI heard about the irresistible charm of Marc-Uy Kling’s children’s book The Day Grandma Broke the Internet that you don’t have to be a senior citizen with a bit of an affinity for a computer to experience a blue miracle after a double tap. Even for users who are familiar with the latest developments on the Internet and who are aware of it BlockchainOr cryptocurrency or non-fungible tokens, “click, click” in the wrong place can have unforeseen consequences.
It doesn’t have to be a complete shutdown like Kling did — “The whole internet. Around the world. Destroyed. From granny.” — it is enough if a well-stocked virtual wallet suddenly becomes empty. That’s what happened, according to Forbes, with netizens caught up in the fake news on the previously hacked Twitter account of Mike Winkelmann aka Beeple — the man whose massive sale at Christie’s sparked an NFT buzz. Read on Twitter, Beeple is once again collaborating with luxury brand Louis Vuitton, and here are two links to the NFT business. Click, click: Instead of getting the coveted certificates of ownership on the blockchain, the buttons have resulted in users losing nearly half a million dollars in total due to cryptocurrency and NFT withdrawn from their wallets.
phishing is the name of the scam that was used to link to a scam about alleged Banksy NFTs. The fact that you can trade anonymously and decentralized in the blockchain without intermediaries has its drawbacks. This year alone, the equivalent of $1.3 billion in crypto assets is said to have been stolen. The Instagram account of NFT group “Bored Ape Yacht Club” was also hacked in April. Click, click, millions of tokens are gone; Three scammed collectors are now suing OpenSea trading platform. They cannot hope to get their “monkeys” back: once a transaction is completed in the blockchain, it cannot be undone. The link signed by phishing victims for their alleged invitation to purchase virtual land in the metaverse.
In the end, such cases are not a problem with blockchain technology, as its advocates say, but what was called “PEBKAC” in the happy days of stationary computers: “There is a problem between the keyboard and the chair,” implying that people are the weak point here. Incidentally, losing money with NFT is also possible thanks to highly volatile cryptocurrencies and without any fraud. Gustav Klimt’s NFT “The Kiss”, which the Vienna Belvedere released in February, pumped some 4.4 million euros into the museum’s coffers – fantastic. On the buyer’s side, you can never be sure you’ve struck a good deal: the price of the tokens has fallen nearly 90% since then. The best strategy for investors is to hold on at all costs. And keep your eyes peeled for the next flick.