A new report from the blockchain analytics firm Elliptic sheds light on non-fungible token (NFT) theft, scams and other illegal activity.
Elliptic’s report found that over $100 million worth of NFTs were stolen between July 2021 and July 2022, though the true amount is likely higher as thefts are retroactively identified.
While seemingly high, the estimated $100 million of stolen NFTs comprised about 0.65% of overall trading volume during that time, according to The Block’s data dashboard. Between July 2021 and July 2022, approximately $15.3 billion worth NFT transactions occurred.
Bored Ape Yacht Club NFTs were the most likely NFT to be publicly reported stolen, according to the report. Elliptic identified 167 stolen Bored Apes worth over $43.6 million. Mutant Ape Yacht Club and Azuki NFTs were the second and third most likely to be stolen, losing $14.5 million and $3.9 million respectively.
The highest value of NFTs stolen through scams happened in May of 2022 at $24 million, and the most NFTs stolen in a month occurred in July of 2022 at 4,600.
Elliptic suggests that this year’s bear market, which began around May following the UST-Terra collapse, did not slow down NFT thefts.
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