NFTs Valued More Than $100 Million Were Stolen Last Year According Elliptic Report

Theft, fraud, and other unlawful conduct involving non-fungible tokens (NFTs) are discussed in a recent research from blockchain analytics company Elliptic.

According to Elliptic’s analysis, NFTs worth more than $100 million were stolen between July 2021 and July 2022, though the actual value is probably higher because thefts are often discovered after the fact.

Although it may seem like a lot, the estimated $100 million in NFT that were stolen represented only 0.65% of all trading activity at that time. NFT transactions totaled over $15.3 billion between July 2021 and July 2022.

BAYC NFTs were the most likely to be publicly reported stolen

Elliptic located 167 Bored Apes worth over $43.6 million that were stolen. The second and third most likely targets were Mutant Ape Yacht Club and Azuki NFTs, which suffered losses of $14.5 million and $3.9 million, respectively.

The most NFTs taken in a month was 4,600 in July 2022, while the largest value of NFT stolen through scams was $24 million in May 2022.

Elliptic contends that the NFT thefts were unaffected by this year’s weak market, which started in May with the UST-Terra crash.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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