Just like every traditional business venture can be potentially defrauded of its assets, NFT scams are also real and increasing over time. Many NFT owners have fallen victim to people who marshaled out elaborate plans to steal their well-prized NFT collections and their money.
One of these strategies is the use of Discord hacks. This happens when a fraudster gets onto a discord server and provides a fake mining link in the announcements channel while posing as the server administrator. The message will often appear to be from the project organizer and provide NFT enthusiasts with a deal that seems too good to be true.
For instance, they use phrases like “We’re issuing 1,000 more NFTs due to demand” to enthrall unsuspecting individuals. When some NFT collectors show interest and invest, the scammer pulls a quick one and steals the NFT and funds.
Other scams include pump and dump schemes, employing NFT phishing links to steal personal information, and selling counterfeit NFTs.
While there are several means of avoiding such scams, all hope is not lost even when the NFT scam is successfully carried out. Companies like Coin Return Group are in the business of helping victims recover their funds or NFT, whatever the case may be, in the following ways.
Below is an unbiased review of Coin Return Group.
Analyzing Transaction and Locating Stolen Assets: The team of experts at Coin Return Group help the NFT scam victims check the explorer of the blockchain their NFT is minted on to find out where it was sent.
They then use an intricate system of monitoring and alerts to track your disputed NFT and perform stop-recovery methods at various exit points the scammers intend to abscond with the stolen assets.
In cases where the NFT is not on the marketplace or wallet, they apply other extensive techniques to find what other wallet the NFT might have been hidden.
Collaborating With The NFT Marketplace: Coin Return Group serves as the intermediary between the victims and the NFT Marketplace customer support team. When the con artist has been identified, they work with their team to draft a formal investigation report that will be used to contest the stolen NFTs or the proceeds if it has already been sold.
Contact other NFT stakeholders: Coin Return Group also employ the use of their NFT contacts and other stakeholders in the marketplace to help monitor possible transactions relating to the stolen NFTs. Once the scammer puts the NFT up for sale, such references send reports to CRG, who swoops in collaboration with the NFT Marketplace to stop the sale.
The Bottom Line
The team of professionals at Coin Return Group is made up of top detectives, analysts, and lawyers that have a track record of fighting back and assisting victims in getting their stolen NFTS and funds returned as soon as possible and at a reasonable cost.
Numerous victims have benefited from their recovery procedure of identifying the exact exchanges con artists use to cash out their stolen NFTs and taking legal action to freeze the fraudulent accounts and the money they contain.