The Rise and Fall of NFT Theft: An Analysis of Stolen NFTs in March 2023

04/04/2023 06:59 • Daily Digest • 65 views

According to reports, PeckShield monitoring shows that the total amount of stolen NFTs in March 2023 was approximately $10.9 million, a decrease of 32.72% from the previous month. Among them, 50% of stolen NFTs were quickly traded within 2 hours, 74.9% were sold on the Blur platform, and 19.5% were sold on the OpenSea platform.

The total amount of stolen NFTs in March reached $10.9 million, of which 74.9% were sold on the Blur platform

In March 2023, reports showed that the total amount of stolen NFTs had decreased by 32.72% from the previous month, with a total of $10.9 million in NFTs stolen. This decline is attributed to various factors, including tightened security measures and the increased awareness of NFT theft. This article will analyze the data provided by PeckShield monitoring and the various platforms on which stolen NFTs were sold.

Overview of NFT Theft in March 2023

– Total amount of stolen NFTs: $10.9 million
– Decrease from previous month: 32.72%
– Percentage of stolen NFTs quickly traded within 2 hours: 50%
– Percentage of stolen NFTs sold on Blur platform: 74.9%
– Percentage of stolen NFTs sold on OpenSea platform: 19.5%

Factors Contributing to the Decrease in NFT Theft

Tightened Security Measures

After the significant surge of NFT theft at the beginning of the year, NFT platforms and marketplaces have implemented tighter security measures to protect their users. Many platforms require two-factor authentication and have increased their identification verification process to prevent unauthorized access to user accounts. Furthermore, the implementation of security protocols such as cold storage has made it increasingly challenging for hackers to steal NFTs.

Increased Awareness of NFT Theft

As the popularity of NFTs has grown, so has awareness of their theft. Online communities dedicated to NFTs have raised awareness of the potential dangers that come with owning NFTs and the best practices for protecting access to one’s digital assets. This increased awareness is also leading to more cautious and informed NFT investors who are taking extra precautions to prevent NFT theft.

Analysis of Stolen NFTs

Platforms Used for Selling Stolen NFTs

PeckShield monitoring shows that the two most frequently used platforms for selling stolen NFTs were Blur and OpenSea. Of the stolen NFTs, 74.9% were sold on the Blur platform, while 19.5% were sold on OpenSea. The other 5.6% were sold on other platforms or through direct websites. This data highlights the need for NFT marketplaces and platforms to step up their anti-fraud and anti-counterfeit measures.

Fast Trading of Stolen NFTs

The data also shows that 50% of the stolen NFTs were quickly traded within the first 2 hours of being stolen. This trend suggests that hackers involved in NFT theft have formed a network of buyers who are ready to purchase stolen NFTs as soon as they become available on the market. This puts additional pressure on NFT platforms to monitor and detect any unauthorized transaction immediately.

Conclusion

While the decrease in NFT theft in March 2023 is welcome news, the rise of stolen NFTs earlier in the year highlights the need for greater protection of digital assets. The implementation of tighter security measures and the increased awareness of NFT theft should continue to be a top priority for both NFT platforms and investors. NFT marketplaces and platforms should work together to combat NFT theft by sharing information about anti-counterfeit measures and anti-fraud protocols.

FAQs

1. What should I do if my NFT is stolen?
If your NFT is stolen, you should report it to the platform or marketplace where it was purchased immediately. In addition, you should contact the authorities and take any necessary steps to prevent additional thefts.
2. How can I protect my NFT from being stolen?
To protect your NFT from theft, you should use strong passwords, enable two-factor authentication, and avoid sharing your login information with anyone. You should also be cautious when clicking on links or downloading attachments from unknown sources.
3. Are stolen NFTs usually recovered?
In most cases, once an NFT is stolen, it is difficult to recover. It is essential to take necessary precautions to prevent NFT theft in the first place.

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