In June, NTF thefts fell by 31%. What is the reason
Date: 2023-08-08 Author: Karina Ziganova Categories: BUSINESS
Non-fungible token (NFT) digital art theft has been falling for the fifth month in a row. Experts believe that this trend is associated with a general decrease in market activity.
Blockchain security analytics company PeckShield published updated statistics on NFT-related crimes on August 6. The results of the study showed that the volume of thefts in this segment decreased again.
Thieves are losing interest in NFTs
In July, cybercriminals stole $1.73 million worth of NFTs, which is 31% less than in June, when the volume of thefts reached $2.27 million.
What's more, it's almost 90% lower than February, the busiest month for theft this year. Then the attackers stole $16.2 million worth of non-fungible tokens.
Stolen NFTs come true very quickly. Half of the stolen NFTs are sold on various marketplaces within 165 minutes of being stolen, according to a PeckShield report.
Most often, criminals use the Blur platform – more than 67% of tokens change owners here. About 20% of stolen NFTs are traded on Opensea.
Since the beginning of 2023, scammers have stolen over $40 million worth of NFTs.
Over the weekend, an NFT trader reported being robbed after clicking on a fraudulent Google ad:
“I clicked on that link but didn’t sign anything. I didn't think about it, I just wanted to see it. This link was the first one on Google and there was an ad icon. And now someone has withdrawn Azuki worth $300,000 from my wallet.”
Market sentiment soured
A drop in criminal activity is generally considered a good sign. However, the whole point is a drop in interest in the market as a whole. NFTs are simply losing their appeal in the eyes of kidnappers.
According to the NFT statistics aggregator CryptoSlam, in July, the volume of trade in non-fungible tokens decreased by 40%. At the beginning of the month, daily sales reached $22 million, but by the end they no longer exceeded $13 million.
Over the past week, global sales remained almost unchanged at $110 million. At the beginning of the year, this figure fluctuated in the range of $200-$300 million per week.
Last week's top collection - DMarket. It generated $6 million. DMarket is a Ukrainian metaverse and NFT marketplace with in-game items available for sale and purchase.
