Student falls victim to NFT scam, loses $548,000 to 'a good deal'

A senior student has fallen victim to a scam that has cost him $548,000 to what the seller was describing as a 'good deal.'

1 minute & 6 seconds read time

Non-Fungible Token (NFT) scams are plaguing the industry, with it seeming like someone is falling victim to a scam at least every week.

Student falls victim to NFT scam, loses $548,000 to 'a good deal' 01

It was only recently that a notorious Twitch streamer scammed his community out of $500,000, and now reports indicate that a senior student at Shanghai's Tongji University has also fallen victim to a similar amount of money. Niq Chen, the senior student at the university, spoke to the South China Morning Post and said that he purchased the NFTs from a project called "LuckyCot 3D", and they consisted of around half of his total NFT collection.

Chen reports receiving a link, which turned out to be a phishing scam. Once Chen clicked on the link, his collection of NFTs worth around $548,000 disappeared, with the scammer then immediately selling an NFT to a private individual whose identity wasn't disclosed. After realizing what had happened, Chen attempted to purchase the stolen NFT back, but the buyer of the stolen asset said that what he received was "a good deal".

For more information on this story, check out this link here.


Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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