July 12, 2023

Moroccan Man Accused of Stealing NFTs, Crypto Worth $450,000

OpenSea Marketplace

OpenSea Marketplace

The United States Attorney for the Southern District of New York charged a Moroccan man with a remarkable digital assets robbery.

Moroccan national Soufiane Oulahyane managed to steal crypto and NFTs worth $450,000 after developing a deceptive replica of the OpenSea marketplace, according to CryptoPolitan. Oulahyane is accused of creating a fraudulent website, which was a replica of the original of OpenSea marketplace.

Oulahyane used paid advertisements to deceive his victims by offering their login credentials to him, which enabled him to gain unauthorized access to their accounts. Unsuspecting users, who are unaware of the trick, will log in to the fake OpenSea using their login credentials while they did not that they were giving sensitive information to Oulahyane’s controlled account.

It is believed that Oulahyane started his scheme in September 2021 and among the stolen assets was a Bored Ape NFT, previously purchased by the victim for an estimated value of 49 ETH.

Now, he faces charges of wire fraud, aggravated identity theft, unauthorized access device usage, and, a set of charges which could result in a long prison sentence if he is found guilty. It is worth noting that Oulahyane is currently in custody in Morocco, awaiting potential extradition to the United States to face trial.

A recent report found that half of the stolen NFTs are being sold within 160 minutes on different NFT marketplaces such as Blur and OpenSea.

PeckShield, a leading blockchain security company, issued a report on the stolen NFTs in June this year, clarifying the value stolen in the month, how long it takes for stolen NFTs to be sold, and which NFT marketplaces are used to sell the stolen assets.

In June, NFTs worth about $2.27 were stolen, with a decline of 23% compared to the previous month ($2.95 million). Half of the stolen NFTs were sold within 2.4 hrs on marketplaces like Blur and OpenSea.

Tags :
Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.