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.
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