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PeckShield Discovered that Half of Stolen NFTs are Sold in the First 160 Minutes

PeckShield Discovered that Half of Stolen NFTs are Sold in the First 160 Minutes

It appears that after stealing NFTs, malicious actors are quick to sell them.

PeckShield, the renowned blockchain security firm, has discovered that half of all stolen non-fungible tokens (NFTs) are sold within a staggering 160 minutes.

PeckShield's report, released on July 3rd, shines a light on intriguing aspects of NFTs, such as the total value stolen in June, the timeframe within which stolen NFTs are sold, and the preferred NFT marketplaces for selling illicit assets.

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In June 2023, NFTs worth $2.27 million were reported stolen, which is the lowest monthly figure for the year thus far. This represents a significant drop of 85% compared to February when the theft of NFTs peaked at a record $16.2 million.

But what's more startling is the speed at which these stolen NFTs are traded. PeckShield's data indicates that half of the stolen NFTs they identified were sold within the first three hours, highlighting the swift actions taken by hackers to cash in on their illicit gains.

When it comes to the platforms chosen for these quick sales, Blur and OpenSea emerge as the preferred marketplaces for dealing in stolen NFTs. In June alone, these two platforms hosted 99.7% of all transactions involving stolen NFTs, with Blur accounting for 86% and OpenSea for 13.76%.

The findings of the PeckShield report underscore the urgent need for more robust security measures within the rapidly evolving NFT marketplace.

However, an intriguing development amidst this scenario has come to light. AzukiDAO has proposed taking legal action against the non-fungible token (NFT) collection Azuki founder, Zagabond

The organization aims to reclaim the $39 million worth of Ether (ETH) generated from the recent sale of Azuki's new "Elementals" collection. AzukiDAO believes that redistributing these funds back into the DAO will foster the growth of the entire Azuki community.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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