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Malcolm Turnbull helps Newcastle hacker bank $23m to fight NFT bots

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Bot security business Kasada has started tracking NFT fraud, which has exploded alongside the frenzied activity in crypto markets.

pieces of tradeable code attached to a digital item

Mr Crowther’s technology acts as a gateway to ward off bots, which are notorious for buying up limited-edition sneakers, concert tickets and other hot items, which scalpers sell at an inflated price on third-party sites. With brands from Gucci to Adidas releasing limited-edition NFTs, Mr Crowther said he planned to use his fresh investment to combat the sharp rise in malicious bot activity.

It was here that Crowther received $50,000 in angel investment to build a bot-related prototype that would form the basis of Kasada, which has since raised a total of $39 million from investors including In-Q-Tel, the venture capital firm backed by the FBI.

 

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