The Northamptonshire Telegraph, a leading newspaper in the United Kingdom, has reportedly had to remove an article from its website promoting a non-fungible token (NFT) without sufficient evidence to support claims that half of transaction fees go to the National Health Service would be donated. (NHS).
The author of the article calls himself a “cryptowizard” and promotes the Nurse Coin Token and NFT on the platform’s global contributor section, where anyone can publish.
British publication looking to investigate the NFT project
In a recent report, Sylvester Sean Masango stated that one NFT would cost $334, with half of the transaction fees allocated to the UK’s NHS to support children, medical costs and care home development.
The report also highlighted the use of different crypto terminologies. This included a ‘deflationary model’ and the creation of a $1 million liquidity pool.
Additionally, users who contribute to the fundraising page will receive 4,000 Nurse Coin Tokens via airdrop once the coin is minted.
The publication did not allege or make any accusations against the NFT project.
However, it must be diligent in its investigation due to the rising number of NFT and crypto scams in recent years.
According to Statista, annual sales in the global NFT market are expected to reach $2.38 billion this year. Furthermore, it is expected to reach $3.37 billion by 2028.
NFT global revenue forecast, 2018-2028. Source: Statista
In recent times, regulators around the world have been warning users about the increasing number of NFT frauds.
Regulators issue warnings about NFT fraud
In August 2023, BeInCrypto reported that the Federal Bureau of Investigation (FBI) had issued a warning to users about fraudsters posing as NFT developers.
“Unfortunately, criminals are becoming more sophisticated and are using the increase in NFT interest to target innocent enthusiasts.”
The FBI urged NFT enthusiasts to investigate all coin options, verify the authenticity of related social media accounts, and also investigate any website that requests permission to connect to your wallet.
Illegal activities are quite high throughout the sector, leading to a lot of lost money. According to Chainalysis, illegal activities in the sector amounted to approximately $24.2 billion
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