The incidents of nonfungible token (NFT) thefts witnessed a significant decline in June, marking the lowest recorded figures for the year. However, this apparent reprieve does not diminish the lingering threat of cybercrime in the crypto arena, as hackers and digital felons persistently seek vulnerabilities within the NFT sector. June 3 saw PeckShield, a respected player in blockchain security, shed light on the state of NFT crime and the pattern of token thefts over the preceding month.
Unpacking the Historic Highs of NFT Thefts
The firm disclosed a noteworthy drop in NFT thefts during June, amounting to $2.27 million. That signifies a 23% contraction compared to May, which saw NFT thefts reaching a staggering $2.95 million.
The most egregious month for NFT thefts in 2023 was February, with a staggering $16.2 million worth of NFTs reported as stolen. The first six months of the year alone witnessed the theft of nearly $40 million of these unique digital assets.
PeckShield further observed that approximately 50% of the stolen NFTs found their way into various marketplaces within three hours post-theft. The firm shared that “within a mere 160 minutes, half of the purloined NFTs were swiftly sold across multiple marketplaces.”
The Top Marketplace for Stolen NFT Transactions
For stolen NFT transactions, the most frequented marketplace in June was Blur, accounting for 86% of the total. Interestingly, Blur has supplanted OpenSea as the preferred platform for the disposal of ill-gotten NFTs over the last quarter.
PeckShield was prompt to raise a flag about the theft of BAYC #8177 and #2330 early in July. The digital culprit had also seized NFTs from distinguished collections like Mutant Ape Yacht Club, Bored Ape Kennel Club, and Killabears.
A Temporary Reprieve or Market Oversaturation?
Just last week, PeckShield announced that June was the second most severe month of the year regarding overall crypto exploits. An alarming total of $92.5 million was reported lost due to around 42 exploits during the month. To make matters worse, July hasn’t kicked off well, with the Poly Network falling victim to exploitation for the second instance.
The ebbing tide of NFT thefts in June may be attributable to the plummeting floor prices, potentially making them less attractive targets for cybercriminals.
Notable collections including BAYC, MAYC, Azuki, DeGods, and Azuki Elementals, have endured severe drops in floor prices, experiencing double-digit percentage declines.
Nonetheless, Lookonchain reports that collectors and whales capitalize on the dip, purchasing NFTs at discounted prices. The platform highlighted “Machi Big Brother”, who amassed 84 Azuki NFTs within 24 hours, becoming the second-largest holder.
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