Alice Lynx Alice Lynx 31.08.2021

Someone paid more than $300K for a fake Banksy NFT — and the scammer gave it all back

NFT, the dawn of the new digital era. An era filled with so many rewards and occasional massive funding. With so many benefits and a host of fantastic gains, there is always a loophole for bias. Recently a collector fell victim to a scamming scheme.

An official report indicates that the collector paid a total of $300,000 in form of ethereum. It was all unfortunate because the amount was transferred to a destination claiming to be a legit Banksy. It went from bad to worse when the collector discovered that the image of identification was all a fabricated piece by a famous street artist.

Following such an acrimonious event, the current spokesperson of Banksy said that the artist had no connection with the firm. It was all fake and fabricated, a clear plot for a big sum of funds. It turned from bitter to sweet when the collector unexpectedly received his lost colossal amount from an anonymous seller without any note or address.

It turned out that the fabricator, in this case,was calledPranksy. British Broadcasting Corporation (BBC) carried out a report on Pranksy and he claimed that his actions emanated from the time he got information of an auction. It turned out that NFT was holding an auction on their blooming market spectrum called OpenSea.

For safety and security protocol, BBC held Pranksy actual identity and even NFT observers have not yet discovered the definite identity of the scammer. The story turns interesting when one looks at the process.

Pranksy claims that he used a legit link which was by then available on the page to access Banksy. This was, in the likeness of Pranksy confirmed by Wayback Machine, a portable system tailored to protecting browsing history. Looking at the official page, one could see perfectly NFT on sale. With such a turn of events, focus now shifted to Banksy's response towards the saga.

Banksy’s spokesperson says he’s not associated with any NFT auctions.


Well, it is a conducive system that grants investors and users opportunities to own digital assets while assessing and evaluating through various blockchain operations. The actual naming is Non Fungible Tokens. The family within NFT is huge and dimensional meaning that investors will surely come across drawings, GIFs, animations, or even video games. It's a hub of digital assets.
You can find an NFT in one-of-a-kind format or in other respects you can find it in form of a real-life painting. Some can actually opt for amazing trading cards though blockchain seems to help you managing and keeping a close watch. If you haven't heard about NFT, then you have not been online because Non Fungible Tokens have been blazing the digital spectrum for quite a while now.

Millions of dollars have streamed in anticipation of the Nyan Cat meme collection or the more fancied sunglasses which have to be put on during times of auctioning. Much talk has surrounded the amount of electricity used and how NFT shall impact the environment as a whole. Thanks to the FAQ section, investors have a whole lot of answers.

Going back to our saga, Pranksy approved for a 300k bid, which was very scintillating. For once he grew this urge of suspicion of a possible scam. An engagement with Banksy artists indicates that there were no NFT actions attached with the Banksy website, as claimed by Pranksy.

They denounced that the notion of NFT operating in conjunction with so much affirmation. They are many cases like these meaning that firm directors were not even puzzled or perplexed. Cases of sellers attempting to take up artist work and give it their own control have been troubling many in the NFT industry.

Many duplicates seem to be on the rise and this was no surprise if it was to be concluded that all was a scam. Pranksy seemed to be on the wrong side of things as he went on to confess that another scam delivered to him a replica of NFT based gift, this time he was engaging with The Verge, a prominent multinational media movement that is big on land and online. From that day, there has been a sharp surge in duplicates and fakers who will do anything to compromise.It's very difficult to judge the clarity of a gift because everything is on point, from minting to saved images.

Getting a refund after a blockchain scam is not the norm

In this case, it was all in all supposed to be a done deal. It's not always the case that victims are refunded. Most transactions do appear on an etherscan but to have a refund, it's a different story altogether.

Whoever pursued this sinister move did not in any way leave a note. It made the case more complicated because noone hada clue on the actual motives. It's now crystal clear that scammers are alive and breathing. Digital tokens will keep attracting as many buying buyers and high investors as possible. Do not fall in the pit of hacking, be clever!