$3.23 Million Worth Of NFTs Were Stolen In April, The Lowest Level At The Moment

Key Points:

• NFTs worth $3.23 million were stolen in April 2023, a 68% reduction from the previous month.
• Within two hours, half of the stolen NFTs were sold on the market.
• Approximately 70% of stolen NFTs were initially sold on Blur.

Non-fungible tokens (NFTs) have spurred renewed interest in blockchain technology. Although this market has been slowly losing its traction recently, scam activity is not the same, this April, the level of theft on popular NFT markets has decreased but is more concentrated in Blur.

According to PeckShieldAlert’s early warning and monitoring, in April 2023, NFTs worth approximately $3.23 million were stolen, a decrease of 68% from the previous month. Half of the stolen NFTs were quickly sold on the market within 2 hours. About 70% of stolen NFTs were first sold on Blur, followed by OpenSea (27.94%).

Compared to 2 months ago, this is the lowest level since the beginning of the year when February saw $16.2 million stolen in the NFT market.

The recent theft of MAYC #8530, an NFT, has reignited these fears. In this post, we will go into the specifics of the robbery, the blockchain community’s reaction, and what it implies for the future of the NFT business. MAYC #8530, an NFT, was allegedly unsold for 528 days before being stolen. The most recent transaction prior to the heist was for 7.45 ETH, which is equal to $14,195.30. The MAYC #8530 sold for a 10.7 Blur Pool shortly after PeckShield’s notice.

Ancilia, a blockchain security company, is trying to avoid breaches and cut losses for Web3 firms. Ancilia’s work is especially essential considering the industry’s rising occurrence of hacks and thefts. The firm offers a variety of security services, such as vulnerability assessments, penetration testing, and incident response.

Regardless of one’s feelings about theft, it is evident that security will remain a big problem in the NFT industry. As the value and ubiquity of NFTs rise, it is expected that hackers and other harmful actors will become more focused on exploiting system weaknesses.

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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Harold

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