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
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
×