$100 million in non-fungible tokens (NFTs) were stolen in the space of a year. Unfortunately for the thieves, their war chest gradually lost value.
Elliptic, a famous British blockchain analysis firm, has just published its report dedicated to the market of non-fungible tokens (NFT). According to experts, $100.6 million in digital works were stolen between July 2021 and July 2022.
Unfortunately for hackers, the non-fungible tokens stolen during this period have gradually lost value. In May, the loot of the thieves already amounted to only 23.9 million dollars. In June, the total value of stolen NFTs contracted to around $5 million. Finally, the tokens were only worth $3.9 million in July.
NFTs have suffered significantly from the cryptocurrency crash. As less and less cash is pumped into certified works on the blockchain, the price of most collections has gradually eroded. Several flagship collections, such as the Bored Ape Yacht Club, have seen their prices crash on exchange platforms, such as OpenSea.
The number of flights continues to increase
Elliptic points out that the number of stolen NFTs continues to increase despite the downturn in the market. During the month of May, 3,473 NFTs were stolen from investors. The following month, hackers seized 3,712 tokens, compared to 4,647 in July. If the value of assets is falling, more and more users adopt non-fungible tokens, which increases the number of potential victims.
Among the main illegal operations are Bored Ape Yacht Club Instagram account hack. By taking control of the official account of Yuga Labs, the entity developing the collection, a hacker managed to collect 32 NFTs from investors’ wallets. At the time of the events, the assets were still worth $3 million.
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After investigation, Elliptic discovered that many cybercriminals use NFTs to launder dirty money. Since 2017, $8 million was laundered through an NFT selling platform.
Along with thefts and hacks, many well-known brands continue toreap profits thanks to non-fungible tokens. This is notably the case of Nike or Dolce & Gabbana. According to data from Dune Analytics, the top 12 brands to engage in NFTs have generated billions of dollars in profit. Nike tops the list, earning $1.29 billion with non-fungible tokens.