A Student Loses $548,000 on Another NFT Scam

NFTs are super popular but also often used to scam investors. For example, one Chinese student lost $548,000 after clicking the trap link that caused a loss of his non-fungible token through a phishing scam.

The NFT Artwork Was the Half of the Student’s Portfolio

Niq Chen has purchased the NFT artwork from the well-known Doodles Collectible NFT project called LuckyCot 3D. This NFT artwork made up about half of Chen’s portfolio and NFT assets. Unfortunately, everything went wrong once he clicked the bad link.

As soon as he clicked the link, the scammer stole the NFT artwork and sold it to an unknown individual. Chen then asked to purchase his NFT back, but the buyer stated that it was a good deal.

Regardless of the enormous loss, the industrial design student said that he would still stay in the blockchain space. As he stated, crypto art is a career he’d like to follow.

Even though China banned all cryptocurrency-related trades, including NFTs, the crypto community still tries to invest in overseas NFT platforms.

Digital art collectibles are often traded at million-dollar prices as they gain popularity on social media. The cost of NFTs is one of the reasons for increased phishing schemes on the market.