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Scammers Create “Otherside” Gas Refund Phishing Sites to Steal NFTs

Quick take:

  • After the much-awaited “Otherside” release skyrocketed gas fees, attackers tried to cash in the opportunity.
  • The company had promised to refund the failed transaction gas fees paid by the users.
  • Scammers created a fake refund phishing site to steal user assets.

The entire crypto community has been witness to one of the largest NFT launches. The much-awaited “Otherside” metaverse by the Bored Ape Yacht Club launched successfully, amassing breathtaking sales, but with a catch. The total NFT sale has wasted around $180 million ethereum in gas fees. The entire event turned into a gas war and a spree of failed transactions.

Scammers come up with fake refund sites

The demand for Otherside NFTs was so great that gas prices soared, and there were countless failed transactions. However, many of those failed transactions were still charged gas fees. 

Yuga Labs has committed to repay unsuccessful transactions' gas fees. However, this has allowed phishing schemes to take advantage of the community's outrage. They’re building similar sites and systems to official refunds in order to steal cryptocurrency from unwary users.

This is a story we've all heard a million times before: A new crypto project is launched, but almost immediately, we know something isn’t right. 

Founders, investors, whales, and certain community members walk away and can still profit handsomely. 

But the majority of normal investors are left out in the cold with an asset that’s rapidly depreciating in value or leads to heavy losses.  

Crypto detective Zachxbt tweeted about phishing sites that have already popped up, claiming to be BAYC gas refund sites. 

A particular site has amassed $5.2m (5 BAYC, 12 MAYC, 36 Otherdeed & more). Users who click on the link hoping to get back the lost ETH ends up losing all their assets.

It’s high time that something is done to stop this. But at the moment, the best way is to look out for ourselves and stay away from unverified links and websites.

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