Ozzy Osbourne NFT Scam: Fake CryptoBatz Link Dupes Investors Off Thousands of Dollars

    Ozzy Osbourne, the British heavy metal legend, just entered the non-fungible token (NFT) market with his CryptoBatz collection, which consists of 9,666 digital bats modelled after Osbourne’s character. People warned about a possible phishing scam linked to CryptoBatz just two days after Ozzy Osbourne’s digital memorabilia went on sale. The fake link that is allegedly draining cryptocurrency wallets was evident in tweets sent by Osbourne’s NFT project official account.

    Ozzy Osbourne’s collection on sale!

    On the Discord NFT marketplace, Osbourne’s collection is for sale. The URL that sent potential consumers to the purchase page was recently changed by the project. Scammers took advantage of the change in the URL and created a fake Discord server using the previous one.

    The tweets using the old CryptoBatz Discord page URL were not taken off. While the tweets have since been deleted, screenshots of them have gone viral.

    How the scam worked?

    According to The Verge, anyone who clicked on an old URL on CryptoBatz’s official handle were duped into falling for the fraud.

    Users were prompted to connect their cryptocurrency wallets after clicking on a malicious link that asked them to authenticate their crypto holdings and directed them to a phishing site. The total number of “community members” listed on the invite panel of the bogus Discord page was 1,330, which is thought to be the number of persons who had been defrauded up to that point.

    Enquiries and details

    The actual amount of money stolen and the number of persons who were conned are unknown at this time. Ozzy Osbourne has yet to make a public statement about the incident. Meanwhile, the designers of the CryptoBatz NFTs, Sutter Systems, have blamed Discord for the outcome of the scam.

    “In an email message, Sutter Systems co-founder ‘Jepeggi’ stressed that the compromise was only feasible because of the fraudulent Discord instance’s easy deployment and maintenance,” according to the report. Discord, on the other hand, is investigating the case internally.

    Osbourne’s NFT collection

    The bat theme of Osbourne’s NFT collection is a nod to the singer’s infamous on-stage event in 1982, when he bit off the head of a bat while playing in Des Moines, Iowa, thinking it was rubber.

    NFT manufacturers such as Bored Ape Yacht Club, SupDucks, and CrypToadz have teamed up with Osbourne’s collection to allow his digital bats to evolve with their NFTs, a unique feature Osbourne introduced to his collection. On OpenSea, the CryptoBatz NFTs may be purchased for about ETH 1.8, or $5,046. (Roughly Rs. 3.75 lakh).

    NFT scams on a run!

    In 2021, when the speculative crypto asset grew in prominence, NFT sales were over $25 billion (around Rs. 1,84,700 crore).

    The growing popularity of NFTs among investors appears to have piqued the interest of scammers, who have been increasing their illegal actions in the crypto realm.

    Scams took over $7.7 billion (approximately Rs. 58,700 crore) from investors last year, according to a recent analysis by analytics firm Chainalysis.

    Scam alert and how to stay safe

    Scammers frequently pose as NFT marketplace officials and offer a rich and phoney giveaway or airdrop in the name of supporting a project. They ask for your wallet credentials before giving you the “free” asset, so they can empty your wallet of any bitcoin or NFT it may contain.

    Always remember the mantra: if something seems too good to be true, it most often is. Do your homework on the company that is giving away the prize. These are only a few examples of the various sorts of NFT scams that exist on the internet. While there are particular steps you may take to avoid being a victim of a scam, the best advice is to conduct your homework before investing in any NFT or cryptocurrency.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...