NFTs News

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.

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

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

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

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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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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