Ozzy Osbourne’s NFT Launch Was Targeted By Scammers
Fans of Ozzy Osbourne have collectively lost almost $41,000 due to a scam taking advantage of the Cryptobatz project.
When an icon like Ozzy Osbourne announces an NFT collection, the project is sure to get publicity.
As a celebration of the 40th anniversary of the Prince Of Darkness’ infamous bat-biting incident, Ozzy has launched Cryptobatz, a collection of 9666 non-fungible tokens. The feature was covered by outlets such as Billboard, Rolling Stone, NME, Hypebeast, and Business Insider, Among others.
Within two days of the tokens’ release, supporters have been duped by a phishing scam that drains cryptocurrency from their wallets via a bad link shared by the project’s Twitter account.
The majority of NFT projects, such as Cryptobatz, use Discord to organize their community.
The official Cryptobatz Discord server can currently be accessed by logging onto discord.gg/cryptobatz, although it previously went by the URL discord. gg/cryptobatznft. On social media, this URL was shared widely, including on both the accounts of Ozzy and Cryptobatz.
Following the switch, scammers took over the old URL and directed users to a phishing site where they were asked to enter their credentials, theoretically exposing the contents of the users’ cryptocurrency wallets.
Clicking the scam link, the Discord invitation panel for the fake link showed the total number of members as 1,330, illustrating how many people might have fallen for the scam.
According to Tim Silman, a nonprofit employee who lost money to the scam, about $300 and $400 in the form of Ethereum was sucked from his wallet after visiting the fake Discord server Cryptobatz shared.
“I’ve seen at least a dozen people tweeting about the same thing,” Silman told the Verge. “If you look at Etherscan transactions, others lost much more than I did.”
Silman indicated an Ethereum wallet address affiliated with the scammers had received incoming transactions totaling 14.6 ETH ($40,895) on January 20th and sent it to another wallet containing more than $150,000.
Although Discord and the NFT creator Osbourne has partnered with issued a statement, There appears to be little legal recourse for affected individuals. Wouldn’t it be frustrating to be robbed, but unable to file an effective police report?
Presented with the question of whether the project should be held responsible for keeping the old link online, Sutter Systems, developers of the Cryptobatz NFT, blamed Discord.
In an email statement, Sutter Systems Co-founder “Jepeggi” said “While we deeply apologize for the people who fell victim to these scams, we are unable to accept responsibility for the actions of scammers exploiting Discord — a platform over which we have no control.”
“This situation and hundreds of others across other NFT projects could have been easily prevented if Discord had a better response/support/fraud team on board to assist big projects like ours.”
Despite the fake link appearing in a prominent tweet, the Cryptobatz project continued to hype the public token mint.
It was originally thought that crypto would lead to freedom, redistributing wealth, and decentralizing the economy and finance. However, in practice, so many people are losing money and assets to scam artists that it’s hard to ignore the need for more regulation.
The various reports regarding cryptocurrency and its security this year initially confirmed that scams and breaches would not likely be a problem in 2022, but other news indicates otherwise.
Rock icon Ozzy Osbourne’s latest NFT scam was not his fault, but it was something hackers took advantage of and used to their advantage.
The fake and fraudulent website assumed the identity of the original one after it renamed itself, which led to people losing assets in the digital world.
As of January 21st, Cryptobatz NFTs were being resold on OpenSea for around 1.8 ETH ($5,046).