Half of stolen NFTs are sold within 3 hours: PeckShield

cointelegraph.com:

A new report from blockchain security firm PeckShield found that half of stolen nonfungible tokens (NFTs) get sold within 160 minutes on various NFT marketplaces like Blur and OpenSea. 

On July 3, PeckShield highlighted several data points on NFTs, including the value stolen in June, how long it takes for stolen NFTs to be sold and which NFT marketplaces are used to sell the stolen assets.

According to the security company, $2.27 million of NFTs were stolen in June 2023, the lowest monthly figure of the year so far. Furthermore, the data shows an 85% decrease compared with February, when the value of stolen NFTs reached a high of $16.2 million.

Apart from the amount lost in NFTs, the blockchain security firm also found that half of the stolen NFTs that they flagged are sold within three hours, suggesting that it doesn’t take hackers long to offload some of their ill-gotten gains.

Meanwhile, Blur and OpenSea have been the go-to marketplaces for selling stolen NFTs. In June, 99.7% of stolen NFTs went to those two platforms, with Blur handling 86% and OpenSea 13.76%.

Related: Yes, the Secret Service has an NFT collection, and no, it’s not for sale

Meanwhile, a decentralized autonomous organization (DAO) comprised of holders of the popular NFT collection Azuki has proposed hiring a lawyer to take legal action against Azuki founder Zagabond. The group aims to get hold of the $39 million worth of Ether (ETH) earned from the recent sales of Azuki’s new collection called “Elementals.”

According to AzukiDAO, allocating the funds to the DAO will promote the growth of the entire Azuki community.

Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading