Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Collector buys fake Banksy NFT for £244,000

Collector buys fake Banksy NFT for £244,000

Collector known as Pranksy has cryptocurrency returned after what appeared to be elaborate hoax
In hindsight, it looked too good to be true: the chance to buy Banksy’s first foray into the lucrative world of non-fungible tokens (NFTs) for only a fraction of his soaring market prices.

The piece (called Great Redistribution of the Climate Change Disaster) did enough to convince a buyer – confusingly named Pranksy – to pay the equivalent of hundreds of thousands of pounds only to have the currency returned after what appeared to be an elaborate hoax by a scammer.

It has also been called a publicity stunt, but whatever the motivations the incident has shone a light on the vulnerabilities of NFT trading, which has already been criticised by artists who say their work has been sold without their knowledge or consent.

The image – which features a figure smoking in front of some industrial chimneys in an apparent comment on the climate impact of digital currency and art – was put up for sale on the Open Sea platform, the “eBay of NFTs”.

Banksy’s official site did have a since-deleted page called NFT, which included a link to an auction site selling a piece of the same name.

It didn’t look anything like a Banksy, but the fraudulent link convinced Pranksy – who is known for his collection of NBA Top Shots NFTs – to bid the equivalent of £244,000 in cryptocurrency. He said he knew he had been scammed when the bid was immediately accepted.

“The fact it was hosted on banksy.co.uk was my reason for bidding,” Pranksy said. “I presumed it was a three-day auction and when my bid was accepted I pretty much knew then it must be fake.”

He says the seller eventually returned all the money with the exception of the transaction fee of around £5,000.

The incident undermines one of the things that make NFTs so attractive: the fact that they offer cryptographically secure authenticity. But the problem is that authenticity is dependent on the seller being who they say they are.

Other artists, including Damien Hirst, have embraced the NFT market, but some have had their work sold without permission, and Banksy’s team were quick to distance the artist from the fake. “The artist Banksy has not created any NFT artworks,” his team said in a statement, without explaining how his site was compromised.

The fact that some NFT services make it easy to “tokenise” other people’s content has worried artists. For example, some let users turn any tweet into a tradable digital asset, while artworks have become a popular items for tokenisation.

Pranksy, says that despite his name he wouldn’t conduct a hoax which “could damage any future potential to chat with Banksy’s team or any other fine artists about NFTs”. Instead he says the hoax, and quick return of the money, point to someone who could be looking to make a bigger point: by highlighting the vulnerabilities of NFT trading.

“I did not expect anything to be returned, it seems the hacker had more intentions than money,” said Pranksy. When asked what those motivations could be he added “to point out the vulnerabilities in the website and with validation within NFTs?”.

Banksy’s work has been the subject of NFT controversy before. The Burned Banksy NFT was sold for around £300,000 and featured an image of a Banksy print titled Morons. Originally sold in an edition of 500, the tokenised print was publicly burned as the token was minted, which its creators argued “moved the value of the physical piece on to the NFT”.

Pranksy said he hoped to hear back from Banksy’s team about his website’s security and if it was hacked, but added the incident had not dampened his enthusiasm for NFTs.

He said: “I’ve not lost faith in NFTs after the incident. I’ll just get a little less excited when I see one linked via an artist’s website.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Brilliant move: Péter Magyar Moves to Nominate Chess Grandmaster Judit Polgár as Hungary’s President
Spain Defeats Argentina in Extra Time to Win Second World Cup
Current AI Seeks to Build an Open Global AI Infrastructure Outside Big Tech Control
Germany’s Economic Malaise Reopens the Sunday Shopping Debate
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Netherlands Declares Water Shortage Emergency After Drought Pushes Rivers to Historic Lows
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
Ukrainian Drone Barrage Kills Eight and Strikes Russian Logistics Network
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The Monaco Bombing Has Become a Test of Ukraine’s Intelligence Accountability
Leadership Change and Strategic Rivalry Redraw the Political Map
The AI Race Enters Its Infrastructure Era
Britain Nationalises British Steel to Protect Scunthorpe Production and Strategic Supply
French National Assembly Overrides Senate to Pass Historic Assisted-Dying Legislation
Spanish Prime Minister's Wife Ordered to Stand Trial as Corruption Probes Encircle Governing Party
Zelensky Faces Kyiv Protests Over Ousting of Dynamic Ukrainian Defense Minister
Thomas Tuchel Faces Fierce Backlash After Tactical Retreat Costs England World Cup Final Berth
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
Spain and UK Dismantle Gibraltar Border Following Landmark Schengen Integration Treaty
Hungary's "Puppet" President to Be Ousted, Orbán Fumes: "Democracy Is Dead"
Forget Tinder: The Surprising Platform Where People Find Love
Harvard Astrophysicist to Lead U.S. Scientific Advisory on Unidentified Aerial Phenomena
Emergency Sirens Activated Across Bahrain as Interior Ministry Issues Shelter Directives
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
The AI Invoice Shock: Layoffs Didn't Save Managers Money — They Cost Them More
Concern: Sexually Transmitted Bacterium Among Men Develops Antibiotic Resistance
Passenger Partially Pulled Out of Ryanair Jet After Cabin Window Fails Mid-Flight
Severe Heatwave Drives Dangerous Ground-Level Ozone Pollution Across Two Thirds of European Union
The Physical and Electronic Barriers Disrupting Domestic Wireless Networks
France and Morocco Open World Cup Quarter-Finals as Collina Defends Refereeing
Tech Pulse: The Future of AI and Screen Culture
Global News Briefing: Escalating Geopolitical Tensions and Corporate Shakeups
Global News Brief: Escalating Conflicts, Public Health Crises, and World Cup Drama
×