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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews