Report Reveals Swift Sales of Stolen NFTs on Blur, OpenSea

Report Reveals Swift Sales of Stolen NFTs on Blur, OpenSea

Half of stolen nonfungible tokens (NFTs) are sold within 160 minutes on NFT marketplaces such as Blur and Opensea, according to a new report from blockchain security firm PeckShield.

On July 3, PeckShield highlighted several data points regarding NFTs, including the value of stolen NFTs in June, the time required to sell stolen NFTs, and the NFT marketplaces where stolen assets are sold.

The security company reports that $2.27 million worth of NFTs were misappropriated in June 2023, the lowest monthly total of the year to date.

In addition, the data indicates a decrease of 85% compared to February, when the value of stolen NFTs peaked at $16.2 million:

Value of stolen NFT assets in 2023. Source: PeckShield

In addition to the amount lost in NFTs, the blockchain security company discovered that half of the stolen NFTs they identified were sold within three hours, indicating that it does not take hackers long to sell their illicit gains.

In the meantime, Blur and OpenSea have been the most popular marketplaces for the sale of stolen NFTs. In June, 99.7% of stolen NFTs were sent to these two platforms, with 86% going to Blur and 13.7% to OpenSea.

A decentralized autonomous organization (DAO) composed of holders of the popular NFT collection Azuki has proposed employing an attorney to pursue legal action against Azuki’s proprietor, Zagabond.

The group intends to acquire the $39 million worth of Ether generated by recent sales of Azuki’s “Elementals” collection.

AzukiDAO asserts that allocating the funds to the DAO will foster the expansion of the entire Azuki community.