Runs On Your Cloud
No Data Sharing
No Contract Required
Explore Now
Face Verification
Address Verification
Document Verification
Age Verification
VideoIdent
Fast ID
eIDV
NFC Verification
Consent Verification
Business Verification
Due Diligence
Investor Verification
E-Signature
Behavioural Biometrics
Device Fingerprinting
MFA
AML Screening
Business AML Screening
User Risk Assessment
Transaction Screening
Adverse Media Screening
Identity Verification
KYC
KYB
KYI
Bonus Abuse
Fraud Prevention
Banking
Crypto
Fintech
Forex
Gaming
Gig Economy
Marketplace
Social Networks
Product Managers
Compliance Officers
Fraud Analyst
Global Trust Platform
Journey Builder
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
Blind Spot Audit
Deepfake Detection
Liveness Detection
Document Originality
Document Deepfake
Events & Webinar
Podcast Studio
Spotlight Studio
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Compliance
Supported Document
About
Career
Press Release
Certifications
Partnership
Awards
Fake NFT Sold for £244k from Artist “Banksy’s” Website
A fake link directed bidders to an online auction for Banksy’s NFT, which was posted on the now-deleted page of banksy.co.uk.
The website of the world-renowned graffiti artist Banksy was hacked this week and redirected towards a fraudulent NFT auction page. The fake digital art was reportedly sold for $336,000 (£244k) through the artist’s official website.
The link directed interested bidders to an online auction for the NFT, which was posted on the now-deleted page of banksy.co.uk.
NFTs, abbreviated for Non-Fungible Tokens, are unique crypto-based tokens that represent ownership of a rare digital item, such as a piece of art, digital image, GIF, video, antique goods, and sports memorabilia to name a few. NFT sales have skyrocketed this year, owing to the rising interest in both cryptocurrencies and collectable items.
The Banksy fan who was tricked stated he believed he was buying the first-ever NFT offered by Banksy. However, Banksy’s team told BBC, “any Banksy NFT auctions are not affiliated with the artist in any shape or form”.
The man who is in his 30s and wanted to remain anonymous explained over Twitter direct messages that he suspects Banksy’s site was hacked, and that he was the victim of an elaborate scam.
Surprisingly, the hacker returned the stolen money except for the transaction fee of around £5,000.
My ETH from the #Banksy #NFT purchase was just returned to me, ethical hacker proving a point?https://t.co/idDNEsEIhK
— Pranksy 📦 (@pranksy) August 31, 2021
Criminals are Using NFTs
The growing popularity of the NFT space has become the new target of financial crimes. Money launderers are using these tokens to hide illegally earned funds in the form of NFTs, making it just about impossible for anyone to trace. The identity of the seller is often hidden, making the situation even more difficult for authorities. The FATF has issued guidance on Virtual Asset Service Providers and, for the first time, NFTs have been included in the global watchdog’s guidelines. However, KYC verification and AML screening can effectively minimize this burgeoning threat.
Suggested Read: From Fraudsters to Artists – The Dire Need of AML Compliance for NFTs
