Binance drops support for Sandbox NFT staking, will soon end support for all Polygon NFTs

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Binance drops support for Sandbox NFT staking, will soon end support for all Polygon NFTs

Leading crypto exchange Binance said that it will end support for features related to non-fungible tokens (NFTs) on Sept. 9 and for all Polygon-based NFTs on Sept. 26.

The company asked users to withdraw Polygon NFTs by Dec. 31. It said that users will not be able to buy Polygon NFTs after Sept. 26 and that all listings will be canceled that day. It added that Polygon NFTs will be returned to user accounts after Sept. 28.

Binance also said it would discontinue its Sandbox NFT Staking Program, which previously allowed users to stake LAND tokens and earn SAND rewards in connection with a popular Polygon-based metaverse game, The Sandbox.

That staking program will end on Sept. 26, and Binance will automatically unstack users’ LAND NFTs on Sept. 27. Those tokens will be sent back to users’ Binance accounts on Sept. 28, and the final staking rewards will be distributed that same day.

Binance said that the service reduction is the result of “consideration and evaluation” and part of its attempts to “streamline” its services. It did not comment on whether trading volumes or user demand affected its decision to end those services.

Binance introduced its NFT marketplace in April 2021. It added support for Polygon-based NFTs more recently on March 8, 2023, and it introduced its Sandbox staking program just over one month later on April 28, 2023. As such, each feature was very short-lived and available to customers for six months or less.

Binance’s NFT marketplace currently supports three other networks: Ethereum, BNB Chain, and Bitcoin. The company added support for Bitcoin Ordinals in May.

Polygon (MATIC) will remain listed on Binance

There is no indication that Binance intends to delist Polygon’s MATIC token from its main exchange. Binance is a major exchange for MATIC trading: it handled at least $37 million of MATIC’s $181 million trading volume over a 24-hour period on Sept. 8.

MATIC is the 14th largest cryptocurrency by market cap, with a total supply worth $5.05 billion. It is down 1.7% over 24 hours, while the crypto market is down 0.3%.


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NFT thefts decline as FBI exposes new developer impersonation scams

The U.S. Federal Bureau of Investigation (FBI) warned that criminals were posing as Non-Fungible Token (NFT) developers in financial fraud schemes despite the declining number of NFT crimes and token thefts.

The FBI stated that these malicious actors execute their schemes through a dual-pronged approach: either by infiltrating the social media profiles of authentic developers or by crafting nearly identical accounts.

The bad actors endorse fraudulent NFT releases from these social media accounts while concealing their ulterior motives with an aggressive media campaign to create a sense of urgency with phrases like “limited supply, surprise, exclusive mints,” etc.

Once an unsuspecting individual buys into the scheme, they are lured to a fake website via phishing links, where they are urged to connect their crypto wallets to purchase digital assets. The FBI wrote that this usually results in the “transfer of cryptocurrency and NFTs to wallets operated by criminals.”

The law enforcement agency added that the criminals tend to obfuscate their transaction trails by sending the stolen cryptocurrencies through a series of cryptocurrency mixers and exchanges.

NFT thefts declining

On Aug. 6, blockchain security firm PeckShield reported that the number of stolen NFTs declined by 31% in July to $1.73 million. This is a significant reduction from the $2.27 million NFT thefts recorded in June.

PeckShield stated that half of the stolen NFTs were sold on various marketplaces within 2 hours of the theft. Most were sold on Blur and OpenSea, the dominant NFT marketplaces.

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