In today's YIYL, we head back to what should have been a top signal for most of us who were paying attention. The moment people started selling monkey jpegs for thousands of dollars, if you weren't actively going short crapto you are a complete retard.
Okay partial retard, I'll save being a full retard for the people who actually bought this crap and the x2 retard for those who kept holding it as the floor price kept going lower and lower.
Yuga labs and their VC-funded metaverse of shitcoins is a scam for seed investors to dump in retail and rightly so, honestly, if you're falling for this nonsense you didn't want, need or deserve that money in any case, so you've already lost out there, but you hold on to the fictional idea that one day you will find a greater fool to pawn off your bags to and you can get liquid and praise yourself for a great trade.
It's not going to fucking happen! But don't stop believing
Scamming the scammed
Now you're already holding a speculative illiquid piece of garbage, token hashing a jpeg served on a third-party service in a wallet hosted by a third-party service, connected to a node relay hosted by a third-party service.
Thinking you're decentralized and holding a bearer asset but you're not you're larping and you'll get what's coming to you. As is the case of another set of dumbasses this month who fell for a con in which they stole fourteen Bored Ape NFTs belonging to one individual.
Casting coach cuck
Posing as a casting director at a real film production company—complete with a fake website, a fake partner company, and fake individuals pretending to have signed deals with the company
This scammer or group of scammers were checking the blockchain looking for people with Apes and that looked like easy targets, eventually, they found one and were able to convince the collector that they were interested in paying $13,000–$17,000 to license a Bored Ape for use in an animation.
This is already dumb, because an NFT doesn't give you image rights but okay lets park that for now.
https://twitter.com/sevenseason/status/1603961012561932288
After some back-and-forth, with legitimate-looking contracts and falsified emails appearing to come from the real company's real founding director, the NFT collector was asked to use their meta mask wallet to sign a contract via the fake company partner website that had been set up.
As shitcoiners do, they trust and don't verify and once the signed the contract, they actually signed over the rights to their NFTs.
The collector's wallet of its fourteen pricey Bored Ape NFTs, and now that the scammer had access to them, they simply checked the available bids for them on markets and then accepted the highest offers that were outstanding on each of the Bored Apes, netting 852.9 ETH.
The scammer converted the stolen ETH to the DAI stablecoin, making off with $1,075,000 in DAI.
https://twitter.com/Serpent/status/1604074440941506560
- Serpent
Why will these issues persist?
Okay, let's pretend we live in a world where NFTs and crypto have value that's not zero, and you're keeping your funds on-chain you're a good little shitcoiner, you don't use custodial services, you only use 3rd party software wallets built into unsecured browsers and signing via third party relays.
You're taking far less risk, then leaving it with businesses that could turn out to be insolvent.
So shitcoin chains tend to use an balance model and a single address model like Ethereum, so it's a non-trivial method of scraping the chain to find people who hold a certain amount of value and look at the smart contracts they interact with and then come up with a method to get them to sign over their wallet with a phishing website.
This scam has been going on for ages now and with metamask it couldn't be easier, With two clicks you pay your gas fees, and boom you are left with fucking zero.
This is not a software issue, even though i could go through all all the vulnerabilities, why would I bother attacking the software when I can attack the person who is far easier to crack.
Even if shitcoin tools were secure, shitcoiners aren't nor do they care to practice security so they'll always be subject to hacks.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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