In the identity theft scam that took place at the NFT marketplace Blur, an unlucky user had their NFTs worth $240,000 stolen.

The loss reported by 0xQuit on X, formerly known as Twitter, included six Bored Ape Yacht Club NFTs, each listed at one wei (the smallest unit of Ether), 40 Beanz, and three Elemental collections. The total amount according to the current base prices for each asset is approximately equivalent to 239,676 dollars.

In a statement made by 0xQuit, the Solidity developer and auditor, it was stated that the fraud was organized by an unknown organization that enables private sales by using a loophole in Blur's listing system.

New tactics from NFT scammers

Despite the security systems in Blur, the scammer managed to bypass the public accessibility requirement and change the copyright settings of NFTs.

0xQuit said scammers are directing users to list NFTs at high prices to counter it and that all revenue goes to the scammer's address. Scammers make this move by setting a rule that cancels transactions for NFTs, thus hiding the sales transaction.

0xQuit said this tactic only allows the scammer to execute the transaction and prevents others from reaching low-priced sales. Quit stated that scams are often done with a free NFT mint or airdrop event in X.

Scams related to NFTs have become a constant headache for marketplaces and users, following a significant increase in the popularity of assets at the end of 2020 and the beginning of 2021. In addition, last month, three UK citizens were accused of organizing a $3 million fraud related to the 'Evolved Apes' NFT collection in 2021.

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.