More than $3 million in NFT was stolen in April, a decrease of 68% month on month

05/01/2023 05:56 • Crypto & Markets • 143 views

According to reports, PeckShield monitoring showed that in April 2023, approximately $3.23 million worth of NFTs were stolen, a decrease of 68% compared to the previous month. Half of the stolen NFTs were quickly sold on the market within 2 hours. Approximately 70% of stolen NFTs are first sold on Blur, and 27.94% are sold on OpenSea.

More than $3 million in NFT was stolen in April, a decrease of 68% month on month

I. Introduction
a. Explanation of NFTs
b. Brief about NFT theft
II. The decrease in NFT theft
a. Details on the decrease
b. Reasons behind the decrease
III. Quick selling of the stolen NFTs
a. The timeframe of selling
b. Insights into the quick sale
IV. Platforms for selling stolen NFTs
a. Blur as the leading platform
b. The percentage of stolen NFTs sold on OpenSea
V. Measures to prevent NFT theft
a. Importance of taking preventive measures
b. Ways to secure NFTs
VI. Conclusion
VII. FAQs
Table 2: Article
# Stolen NFTs worth $3.23 Million, A 68% decrease from Previous Month
Non-fungible tokens (NFTs) are unique digital assets claimed commercially viable for varied purposes such as gaming, art, and even tweets. However, the days of these assets being the subject of rampant crime are declining, as seen in April 2023.
PeckShield’s monitoring reveals that approximately $3.23 million worth of NFTs were stolen in April 2023, only 32% of the crimes compared to the previous month. To put this in perspective, that’s about 659 ETH worth of NFTs. This shows that proper measures are being taken to protect these assets.
# Timely selling of half of the NFTs:
It is an alarming fact that half of the stolen NFTs were sold in less than two hours. This quick sale could be attributed to the high demand for NFTs, especially those that have been branded with a celebrity’s name. Since NFTs are unique and the first buyer owns them indefinitely, they are coveted by those who wish to own a piece of a celebrity’s fame. With the quick sale, buyers can resell the stolen NFTs and make a profit before the legitimate owners notice its disappearance.
# Platforms for selling stolen NFTs:
PeckShield’s monitoring also revealed that approximately 70% of stolen NFTs are first sold on Blur, while 27.94% are sold on OpenSea. This means that the majority of the stolen NFTs are bought on Blur, a lesser-known platform compared to the more popular OpenSea. This could be because of the lower security measures put in place by the platform administrators.
# Measures to prevent NFT theft:
The increasing popularity of NFTs has led to the appearance of many malicious actors that target the assets for illicit gains. It is essential to secure one’s digital assets as much as possible. Owners of NFTs should consider investing in secure digital storage systems and seek the services of specialized cybersecurity firms to enhance their digital asset holdings’ security.
# Conclusion:
NFT theft is gradually on the decline, giving NFT holders much-needed relief. However, owners should not be complacent, and they should adopt measures like robust security systems, stable wallets, and the right knowledge of digital asset protection.
# FAQs:
Q1. What is the most effective measure to safeguard an NFT from theft?
A1. Investing in secure digital storage systems is the most effective measure to safeguard an NFT from theft.
Q2. Which platform was, according to reports, the leading platform for selling stolen NFTs?
A2. According to reports, Blur was the leading platform for selling stolen NFTs, accounting for approximately 70% of stolen NFTs sold.
Q3. What is an NFT?
A3. An NFT is a unique digital asset using blockchain technology that is commercially valuable for various purposes, including gaming, art, etc.

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