A criminal used a fake cryptocurrency known as NFT to purchase a boat known as the BAYC from its owner, who was reportedly the victim of a scam. The victim's worst nightmare was realized after the attacker bought the boat with a fake amount of money, which was estimated to be around $163,000.

After the seller approved the purchase price, the buyer and the Philneeds owner went to NFT Trader to complete the transaction. The criminal used an Ethereum-based smart contract to carry out his scam, which was based on the ERC-1155 standard. The seller was not aware that this contract was different from the one used on the network. After completing the transaction, the con man was able to earn $155,000 by selling the fake token.

After learning about the scam, the seller decided to turn to cryptocurrencies. Unfortunately, he learned that NFT Trader had recently started accepting payments using unverified digital assets.