Bad links
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Well just set up SEO Moz to find out someone thought it funny to build a load of links to our site http://bluetea.com.au/ with the anchor txt "Buy Cocks" ....
PLEASE PLEASE let me know how much I should worry about this and how can I get rid of it?
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First try to contact webmaster to down your links other wise you can do this just watch the Matt videos:
https://www.youtube.com/watch?v=393nmCYFRtA
And then read this http://googlewebmastercentral.blogspot.com/2012/10/a-new-tool-to-disavow-links.html
might be these both links will help you out.
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I can't say there's no risk, but this is pretty blatant, and Google is generally good about detecting that. This was done in an automated fashion only on blog comments, and probably in a very short time-frame. On top of it, many of the comments are nofollow'ed, which means they weren't paying attention at all (they just sent out a bot and let it go).
If Google took action, it would probably first be against the phrase (and I'm guessing you don't want to rank for "buy cocks" anyway). Your link profile isn't quite as strong as I'd like to see, so there is some risk, but my gut reaction is that this is probably a short-lived attack that won't have much impact.
A few suggestions/possibilities:
(1) Keep an eye on it. People who fire off these low-value attacks tend to give up easily, but if they persist, that's a bigger issue.
(2) Notify the webmasters, as Syed said.
(3) Disavow - via Google Webmaster Tools - some of the worst links (really bad/spammy sites, etc.). Unfortunately, this is link by link, or domain by domain, at best, so it's not always a viable option.