Smart contract phishing is a type of scam where scammers create fake smart contracts that look legitimate. Due to open source nature of Web3, scammers can forge copies of original smart contracts, such as BAYC NFT contract, and promote these counterfeits as real smart contracts. It is usually difficult for users to differentiate between real and forged contracts because both contracts can have their source code verified. When investors or Web3 users send tokens to this contract, they will not receive anything in return.
One of the prominent smart contract scamming cases is the BAYC (Bored Ape Yacht Club) NFT hack.