$100 Million+ Worth of NFTs Stolen Over Past Year, Says Elliptic

Daniel Attoe
Daniel Attoe

Updated · Aug 25, 2022

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The blockchain analytic firm released a new report on Wednesday breaking down the criminal activity surrounding NFTs.

Growing Threat

A new report has found that investors in non-fungible tokens (NFTs) are losing a ton of money to cybercriminals despite the crypto winter. 

According to crypto asset research firm Elliptic, about $100.6 million worth of the tokens were reported stolen between July 2021 and July 2022.

Last year saw a boom in the NFT market as speculators looked to make heavy returns on their crypto investments. Following this, activity stabilized early in the year, before the crypto winter brought about an expected slump.

Despite the industry’s downturn, July was the busiest month for NFT thieves, receiving the highest number of reports. In this period, hackers and scammers made away with 4,647 tokens. May, on the other hand, saw the highest amount stolen at roughly $23.9 million.

The most valuable loss was a Cryptopunk NFT snatched in November last year. At the time of its theft, the token was worth $490,000. 

Money launderers are also heavily drawn to NFT platforms. Since 2017, more than $8 million got laundered on those platforms. In that same time, over $328 million went through cryptocurrency mixers. 

While the report from Ellipsis is damning, it may actually present a conservative representation of the actual figures as many scams go unreported. 

According to a new study, NFT transactions will reach 40 million by 2027, with the metaverse set to be a major catalyst for growth.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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