Half of stolen NFTs are sold within 3 hours

Peckshield, a Blockchain security company released a report which reveals that half of stolen non-fungible tokens (NFTs) are sold in 160 minutes in various NFT markets. These include, for example, Blur and OpenSea. We also learn that $2.27 million worth of NFTs were stolen in June, recording the lowest monthly figure for stolen NFTs in 2023.

PeckShield revealing information about NFTs stolen in June and the time taken to sell them.

Where do stolen NFTs go?

PeckShiel highlighted several data points on non-fungible tokens on July 03. The company has notably unveiled the value stolen in June, the time taken to sell the stolen NFTs, and the NFT markets used to sell the stolen assets.

The publication first tells us that $2.27 million worth of NFTs were stolen in June 2023. This is still the lowest monthly figure of the year so far. Second, the blockchain security firm also found that half of stolen assets sell within three hours. This figure means that hackers will be more motivated to sell an NFT since it is easier to sell.

The most used NFT marketplaces for reselling flight NFTs are Blur and OpenSea. In June, 99.7% of non-fungible tokens stolen went to these two platforms, Blur managing 86% and OpenSea 13.76%.

Why does this flight decrease in June?

Compared to May 2023, NFT distraction is down 23% from June. The month with the most NFT flights was February. In fact, $16.2 million was stolen. Compared to the June figure, that’s an 85% reduction. In the first half of the year, nearly $40 million worth of NFTs were stolen.

However, PeckShield recalls that June was the second highest month this year for crypto exploits. A total of $92.5 million was lost due to approximately 42 exploits in June. The company believes that the reason NFT exploits have declined is because NFT prices have fallen. Thus, it lowered the motivation of the thieves.

Digital assets that are supposed to be more secure than all others seem to be increasingly hacked. However, these tokens are growing used to identify and secure assets. Shouldn’t we consider making them more secure themselves?

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