Blockchain data security specialist, PeckShield, has shed a little light on the shadier side of the NFT industry. Revealing that around half of all NFT thefts are sold within 3 hours of the crime, making it difficult to catch the perpetrators.
In its most recent report, PeckShield covered a number of factors pertaining to crimes within the NFT sector. Including aspects such as the duration criminals hold onto stolen assets, how they dispose of them, and the recent figures for NFTs stolen in June 2023.
According to its data, $2.27 million worth of NFTs were purloined in June, marking the lowest monthly figure of 2023 to date. However, that number does coincide with a sharp downturn of value and interest in NFTs as a whole.
Of those stolen NFTs, PeckShield has discovered that half were sold on within 160 minutes of the initial theft. While, the vast majority (86%) dispose of the ill-gotten gains through the Blur NFT marketplace, with OpenSea accounting for a further 13.76%.
#PeckShieldAlert In June 2023, ~$2.27M worth of #NFTs were stolen, marking a 23% decrease compared to the previous month. Within a span of 160 minutes, half of the stolen NFTs were promptly sold on various marketplaces. The percentage of stolen NFTs initially sold on @blur_io… pic.twitter.com/0bhYs3CzTL
— PeckShieldAlert (@PeckShieldAlert) July 3, 2023
NFT Crimes Cool Off from the Dizzy Heights of February
The latest crime stats come as some of the biggest names in NFTs have seen their floor prices decimated by the current climate. As a result, the $2.27 million in stolen NFTs figure is a long way off the yearly high of $16.2 million recorded in February. Essentially meaning that as NFT crime becomes less profitable, the cyber criminals will look elsewhere for their opportunistic endeavors.
So, as the crime rate drops off, it’s easy to become complacent when it comes to personal online security. However, the advice remains the same, remain vigilant, only approve intended wallet transactions, and be wary of everyone!
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