Beautiful Virgin Islands

Monday, Aug 04, 2025

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.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×