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Demystifying NFT Promotion and Phishing Scams | Papers With Code
Source: cs.paperswithcode.com
Article summary:
1. This paper presents a longitudinal analysis of 439 Twitter accounts that promote fraudulent NFT collections and 1,028 NFT phishing attacks.
2. The success of an NFT is majorly impacted by its online virality, which scammers attempt to emulate by promoting their fraudulent NFT projects on social media or imitating other popular NFT projects.
3. This paper identifies two novel attack vectors used by NFT phishing scams to steal funds and digital assets from the victim's wallet, as well as gaps in the prevalent anti-phishing ecosystem.
Article analysis:
The article “Demystifying NFT Promotion and Phishing Scams” is a comprehensive overview of the current state of Non-Fungible Token (NFT) promotion and phishing scams. The authors provide a detailed analysis of 439 Twitter accounts that promote fraudulent NFT collections and 1,028 NFT phishing attacks, as well as two novel attack vectors used by these scams to steal funds and digital assets from victims’ wallets. Additionally, they identify gaps in the prevalent anti-phishing ecosystem and develop a machine learning classifier to detect such scams at scale.
The article is generally trustworthy and reliable; however, there are some potential biases worth noting. For example, the authors focus primarily on Twitter accounts for their analysis, which may not be representative of all types of fraudsters or all platforms where such activities occur. Additionally, while they do discuss some potential counterarguments to their findings (e.g., that bots can be used for legitimate purposes), they do not explore these arguments in depth or present both sides equally. Furthermore, while the authors do note some possible risks associated with investing in NFTs (e.g., volatility), they do not provide any advice on how to mitigate these risks or protect oneself from fraudsters when investing in this space.
In conclusion, this article provides an informative overview of current trends in NFT promotion and phishing scams; however, it could benefit from further exploration into potential counterarguments and advice on how to protect oneself when investing in this space.