Community scams hackers to recover stolen NFTs

Community scams hackers to recover stolen NFTs

Stories of traders being scammed for their non-fungible tokens (NFTs) were quite common at the height of the digital collectibles craze. However, in an interesting turn of events, the Solana community came together to “scam” a scammer in order to recover some stolen NFTs.

It all started with the hacking of the Discord channel of the cross-chain game development studio, Uncharted NFT, where the scammers managed to empty the wallets of 109 users. The scammers made off with more than 150 SOL tokens and 25 NFTs from the World of Solana (WOS) collection, including three rare and highly valuable digital collectibles.

WOS is a collection of 2,222 unique heroines with the most expensive avatar currently valued at 123 SOL (USD 5,600). The current minimum price of the collection is 2.03 SOL.

Following the hack, the community decided to recover the stolen NFTs. The WOS team contacted their developer partner, who goes by “Cyberfrog” on Twitter, and increased the royalties on stolen NFTs to 98%, up from the default 5%.

The community was asked to keep an eye on Solana’s NFT marketplace, MagicEden, for any new listings. The scammer fell for it within two days, and the community managed to buy back 15 NFTs, while the other 10 were bought via sniping.

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Sniping is a process of waiting until the last few seconds of an NFT auction to place a winning bid. This strategy is used to prevent other NFT bidders from placing a higher bid before the auction ends.

The community also managed to recover the other 10 NFTs and return the 25 NFT WOS to their rightful owner.

In the Twitter thread detailing the events of the hack and the community’s work to get it all back, community members are also asked to “always use a burn wallet and be careful when minting.” The small NFT community has managed to get revenge on scammers twice.

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