Snoop Dogg Is Getting Used By Scam Artists in the NFT Crypto Marketplace

Mark Hake

It turns out that Snoop Dogg is a big buyer of NFTs (non-fungible tokens) in the crypto blockchain. On Sept. 20 he announced on Twitter that he was a well-known and high-profile NFT buyer with the tag name CozomoMedici.

The problem is scammers are now using his account and NFT wallet to induce others to buy their NFTs. In fact, unbelievably, you can see all the NFT and crypto transactions in his account, according to a recent article in a popular site called DappRadar.

According to the article, sophisticated NFT traders are taking advantage of the fact that they know his account. They "airdrop" into his account certain types of NFTs. An airdrop is a gift that doesn't cost the receiver any money. In this case, they hide the airdrop inside any NFT purchase transaction.

The key is that outside traders can't tell these are free NFTs. They think Snoop Dogg bought them. So they buy those airdropped NFTs. But the money goes to the scammers' account not Snoop Dogg's.

The article also shows how this actually happens in Snoop Dogg's NFT wallet. Apparently, other celebrities' accounts are being used this was as well.

The idea is that a minted bored ape NFT, like the one below, can be secretly put in a celebrity account for the benefit of a scammer.

Lesson to Learn: It's Still the Wild West in NFTs

It's still the wild, wild, west in the world of NFTs. If you don't want the world to know you are buying a lot of NFTs you might not be able to get away with this.

In fact, if you are Snoop Dogg or some other celebrity, there is a good chance your digital wallet is going to get scammed.

There is very little protection and privacy in the nascent NFT marketplace. The only reason this scam was exposed was that an insider outed some of the smart money buyers and whales that dominate the NFT marketplace.

Moreover, knowing that this kind of scam can be easily pulled off through secret code put into anyone's wallet through their transactions should make everyone cautious. What other scams in the NFT marketplace are going on without anyone knowing yet?

It's the same old story: buyer beware.

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Mark Hake is a financial analyst, investor, and Chartered Financial Analyst (CFA). He writes about US and foreign stocks as well as cryptos, hedge funds, and private equity. He previously ran his own hedge fund, investment research firm, and acted as CFO for a fintech startup. He focuses on finding value, arbitrage, and hidden asset opportunities.

Phoenix, AZ
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