Elliptic’s report revealed that more than \$100 million worth NFTs had been stolen between July 2021 & July 2022. The most likely NFTs to be stolen were those belonging to Bored Ape Yacht Club. In the bear market, scams and thefts reached record levels.
Elliptic, a blockchain analytics company, has released a new report that reveals the truth about non-fungible token theft (NFT), scams, and other illegal activities
Elliptic’s report revealed that more than \$100 million worth NFTs had been stolen between July 2021 & July 2022. However, the actual amount is probably higher since thefts are retroactively determined.
Although it may seem high, the estimated \$100,000,000 of stolen NFTs accounted for 0.65% of total trading volume between July 2021 and July 2022, according to The Block’s data dashboard. NFT transactions totaling approximately $15.3 billion occurred between July 2021 & July 2022.
According to the report, Bored Ape Yacht Club NFTs were most likely to have been publicly reported as stolen. Elliptic discovered 167 Bored Apes that had been stolen, with a total value of \$43.6 million. Mutant Ape Yacht Club, and Azuki NFTs, were second and third most likely to be taken. They lost $14.5 million and $3.9 millions, respectively.
May 2022 saw the theft of NFTs worth $24 million. July 2022 saw 4,600 NFTs being stolen.
Elliptic suggests this year’s bearish market, which started around May after the UST-Terra collapse did not slow down NFT thefts.
