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From a compromised Beeple account, a targeted phishing scheme nets $438K in bitcoin and NFTs.

To capitalise on a recent real partnership between Beeple and the luxury fashion company, links to a bogus Louis Vuitton NFT raffle were shared.

Mike Winkelmann, better known as Beeple, a digital artist and popular nonfungible token (NFT) developer, had his Twitter account stolen on Sunday as part of a phishing attempt.

Users were warned by MetaMask security analyst Harry Denley that Beeple’s tweets at the time, which contained a link to a raffle of a Louis Vuitton NFT collaboration, were a phishing scheme that would drain crypto from users’ wallets if clicked.

The con artists were most likely attempting to profit off a legitimate recent collaboration between Beeple and Louis Vuitton. Beeple produced 30 NFTs for the premium fashion brand’s Louis The Game smartphone game earlier this month, which were incorporated as player incentives.

The fraudster continued to exploit Beeple’s Twitter account to send phishing links that led to bogus Beeple collections that enticed naïve users with the promise of a free mint for unique NFTs.

The phishing links were live on Beeple’s Twitter for almost five hours, and an on-chain investigation of one of the scammers’ wallets revealed that the first phishing link netted them 36 Ether (ETH), which was valued over $73,000 at the time.

The second link netted the scammers roughly $365,000 in ETH and a slew of NFTs from high-value collections including the Mutant Ape Yacht Club, VeeFriends, and Otherdeeds, among others, bringing the scam’s total value to around $438,000.

According to on-chain data, the fraudster sold the NFTs on OpenSea and then transferred their stolen ETH into a crypto mixer to try to hide their winnings.

Beeple later tweeted that he had reclaimed control of his account, adding that “anything too good to be true IS A F*CKING SCAM.”

Beeple is responsible for three of the top ten most valuable NFTs ever sold, including one that sold for $69.3 million, the highest price ever paid by a single owner. Because of his celebrity, he has been a target for hackers.

In November 2021, a Beeple Discord admin account was hijacked, with scammers advocating a similar phoney NFT drop, resulting in customers losing about 38 ETH.

Scammers are trying to cash in on the NFT buzz, according to a research released earlier this month by cybersecurity firm Malwarebytes. Scammers’ most popular approach, according to the business, is to exploit bogus websites that appear to be reputable platforms.

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This article is just for educational purposes.

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