The Northamptonshire Telegraph, a prominent newspaper in the United Kingdom, has reportedly had to take down an article from its website that promoted a non-fungible token (NFT) without sufficient evidence to support claims of donating half the transaction fees to the National Health Service (NHS).
The article’s author calls himself a “crypto wizard” and promotes the Nurse Coin Token and NFT on the platform’s global contributor section, where anyone can publish.
UK Publication Looking to Investigate NFT Project
In a recent report, Sylvester Sean Masango stated that one NFT would be priced at $334, with half of the transaction costs allocated to the UK NHS to support children, medical expenses, and care home development.
The report also highlighted the use of various crypto terminologies. This included “deflationary model” and the establishment of a $1 million liquidity pool.
Additionally, users who contribute to the fundraiser page will receive 4,000 Nurse Coin Tokens via airdrop upon the coin’s minting.
The publication did not allege or make any accusations towards the NFT project.
However, it must be dilligent in investigation due to the rising number of NFT and crypto scams in recent years.
According to Statista, the annual revenue in the worldwide NFT market is expected to hit $2.38 billion this year. Furthermore, by 2028, it is expected to hit $3.37 billion.
NFT worldwide revenue forecast, 2018-2028. Source: Statista
In recent times, regulators worldwide have been cautioning users about the increasing number of NFT scams.
Regulators Issue Warnings About NFT Scams
In August 2023, BeInCrypto reported that the Federal Bureau of Investigation (FBI) issued a warning to users regarding fraudsters who impersonate NFT developers.
“Unfortunately, criminals are getting more sophisticated, using the surge in NFT interest to target innocent enthusiasts.”
The FBI urged NFT enthusiasts to research all minting opportunities, verify the authenticity of related social media accounts, and also scrutinize any website requesting permission to connect to your wallet.
Across the industry, illicit activity is quite large leading to a lot of lost money. According to Chainalysis, illicit activity in the industry amounted to approximately $24.2 billion
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