300k paid for fake Banksy NFT

A collector paid over $300,000 in cryptocurrency Ethereum for a Non-Fungible Token (NFT) from a fraudster claiming to be UK artist Banksy.

An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.

The fake piece was called the “Great Redistribution of the Climate Change Disaster”.

The purchase was made by well-known NFT collector “Pranksky” on NFT marketplace OpenSea.

The payment was refunded in full after a Banksy spokesperson announced the artist did not use NFTs.

NFTs are gaining increased acceptance as a payment method in the art world; the current record for an NFT sale is held by a piece of digital art by artist Beeple, which sold for $69.3 million at auction house Christie’s.

Digital assets have been at the centre of many large-scale criminal transactions over recent months; earlier this month hackers stole $600 million in cryptocurrency from decentralised finance (DeFi) provider Poly Network.

The Poly Network hackers later returned $342 million.

A painting by Banksy dedicated to Britain's National Health Service sold for $20 million in March this year, a record for the artist.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.