Blockchain data security specialist, PeckShield, recently released a report shedding light on the darker side of the NFT industry. The report revealed that approximately half of all NFT thefts are sold within three hours of the crime, making it challenging to apprehend the perpetrators.
In its comprehensive report, PeckShield covered several significant aspects related to crimes within the NFT sector. This includes the duration criminals hold onto stolen assets, how they dispose of them, and the recent figures for NFTs stolen in June 2023.
According to PeckShield’s data, a total of $2.27 million worth of NFTs were stolen in June, marking the lowest monthly figure of 2023 so far. However, this number coincides with a sharp decline in the value and interest in NFTs as a whole.
Among the stolen NFTs, PeckShield discovered that half of them were sold within 160 minutes of the initial theft. Additionally, the majority of thieves (86%) disposed of the stolen assets through the Blur NFT marketplace, with OpenSea accounting for a further 13.76%.
The latest crime statistics come at a time when some of the prominent names in the NFT space have witnessed a significant decline in their floor prices due to the current market conditions. Therefore, the $2.27 million figure of stolen NFTs is far from the peak recorded in February when $16.2 million worth of NFTs were stolen. As NFT crime becomes less profitable, cyber criminals are expected to shift their focus to alternative opportunities.
Despite the decrease in NFT-related crimes, it is crucial to remain vigilant when it comes to personal online security. Following security protocols such as carefully approving intended wallet transactions and maintaining caution with all online interactions is essential to protect oneself from potential scams.
In addition to the report, PeckShield’s engagement with the NFT community emphasizes the importance of raising awareness regarding data security and educating individuals about the risks associated with the industry. By providing insights into the modus operandi of criminals and the platforms they use to dispose of stolen assets, PeckShield empowers NFT enthusiasts to make informed decisions.
As the NFT market evolves and experiences fluctuations, it is essential for users to stay informed about security threats and adopt preventive measures. The NFT community should prioritize building a secure environment to protect both the valuable assets and the participants involved in the ecosystem.
In a wider context, this report highlights the significance of data security and the challenges faced by blockchain technologies when it comes to preventing and combating cybercrime. It reinforces the need for continuous innovation in security measures to stay one step ahead of criminals.
In conclusion, PeckShield’s report on NFT crimes provides valuable insights into the current state of security within the industry. With the decrease in NFT-related crimes, it becomes crucial for NFT enthusiasts to remain cautious and prioritize their data security. By understanding the strategies adopted by cyber criminals and the platforms they use to dispose of stolen assets, individuals can take proactive measures to protect themselves and contribute to building a safe NFT ecosystem. Moreover, this report serves as a reminder for the industry to continue investing in robust security measures to mitigate the risks posed by cybercriminals and safeguard the future of NFTs.
