NFT Theft Fell 23% In June As Fraudsters Stole $2.27m Worth Of NFTs

In recent months, the NFT market has not experienced the same level of hype and popularity as it did in 2022 and 2021. Alongside this decline in interest, the activities of fraudsters operating in the NFT space also experienced a downturn in June, with a reported total of $2.27 million worth of NFTs stolen. This represents a 23% decrease in NFT theft compared to the previous month.

According to an analysis by PeckShield, fraudulent activities were higher in May, during which a record of $2.95 million worth of NFTs were stolen. Notably, half of the stolen NFTs were allegedly sold on various marketplaces within just three hours after the theft, as reported by the blockchain security firm.

The report highlights that certain marketplaces, such as Blur and OpenSea, were hotspots where a significant portion of the stolen funds were sold, with 86% and 13.76% respectively.

Despite the decline in the NFT market and the decrease in NFT theft, the floor prices of some NFT collections like Azuki Elementals, Mutant Ape Yacht Club, Bored Ape Yacht Club (BAYC), DeGods, and Otherdeed have also decreased. This has created an opportunity for collectors to acquire NFTs at relatively low prices.

The analysis by Lookonchain shows that a whale known as “Machi Big Brother” acquired 84 Azuki NFTs in a single day, making them the second-largest holder. Despite the decline in NFT theft, June ranked as the second-highest month for digital asset exploits this year, with fraudsters managing to steal over $92 million across 42 hacks.

The NFT market is still plagued by issues such as phishing, scam projects, stolen and plagiarized NFTs, market manipulation, and rug pulls. Throughout 2022, NFTs valued at over $100 million were stolen, highlighting the ongoing challenges of security and trust within the NFT space. As demonstrated by the case of Nikhil Gopalani, COO of RTFKT, who lost NFTs worth $173,000 due to a phishing attack, individuals must remain vigilant and cautious to avoid falling victim to such scams.

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