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Tom Brady is the most impersonated celebrity in NFT scams

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Yahoo Finance's Allie Canal breaks down how NFT scammers are impersonating celebrities online.

Video Transcript

DAVE BRIGGS: For the first time ever, the Department of Justice is pursuing an NFT insider trading case. On Wednesday, federal prosecutors in New York charged and arrested Nathaniel Chastain, a former product manager at online marketplace OpenSea. That may ultimately prove to be the tip of the iceberg in that capacity. Allie Canal here with the sea of NFT scams popping up essentially every minute, Allie. And now they're involving celebrities, or at least appear to, deceive people in their celebrity involvement.

ALEXANDRA CANAL: Yeah, you're right, Dave. There's so much happening with this space. And we had a new report out today from BrandShield, which is a cybersecurity firm that tracks these things. And basically, they identified 10 of the most popular celebrities that have attached their names to NFTs, crypto, digital wallets. And they found that out of those top 10, Tom Brady was the most impersonated across all of social media, nearly 3,000 impersonations, making up more than 17% of that top 10 list. You could see that following Tom are Matt Damon, Mike Tyson, Kim Kardashian, and Paris Hilton rounds out the top five there.

So, pretty crazy list. I spoke with the CEO of the company that did this report. He told me it's a Wild West right now when it comes to the type of scams that are happening across the board online. Most of these impersonations are coming from Twitter, which we know has been a big issue on the platform. Elon Musk highlighted that amid his Twitter takeover, and that things are only getting worse and worse.

DAVE BRIGGS: Instagram, too. I get a lot of them on Instagram.

SEANA SMITH: Oh, so many on Instagram.

ALEXANDRA CANAL: Personally, a lot of my friends, too, have been hacked on Instagram. So if you're a consumer, you just want to make sure that you're going to verified sites, verified accounts. You're not giving away your information too freely. There's a lot of work that goes in behind the scenes. So this is happening more and more. And it's only going to continue as these cryptocurrencies--

SEANA SMITH: Yeah, it certainly seems so prevalent already, and you talk about the, really, rise in popularity.