NFT Theft: June Edition
NFT thefts in June declined by 23% compared to the previous month, with fraudsters stealing approximately $2.27 million worth of NFTs. This decrease can be attributed to the dwindling floor prices of NFT collections. However, the latest figure is still over 85% lower than the high recorded in February. Half of the stolen NFTs were quickly sold on various marketplaces, with Blur and OpenSea being the most common platforms for selling ill-gotten funds.
NFT Exploits and Scams
June ranked as the second-highest month this year for exploits in the digital asset industry, with over $92 million stolen across 42 hacks. Examples of scams in the NFT space include phishing attacks, scam projects, stolen and plagiarized NFTs, market manipulation, and rug pulls. One notable incident involved Nikhil Gopalani, the COO of RTFKT, who lost $173,000 worth of NFTs in a phishing attack where he unknowingly provided confidential information to a hacker posing as an Apple representative.
Hot Take
NFT thefts may have seen a decline in June, but the threat of fraudulent activity in the space remains significant. As the popularity of NFTs continues to grow, it is crucial for users to stay vigilant and take necessary precautions to protect their digital assets. The development of stronger security measures and increased awareness about common scams will be essential in combating NFT thefts and ensuring a safer environment for collectors and investors.
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