Hackers Stole More Than $100m Worth Of NFTs In Past Year: Elliptic Report

NFT Scams Are Getting Popular Among Hackers day by day. The Scammers continue to rampage through the non-fungible token (NFT) industry. According to blockchain analysis firm Elliptic, recently, hackers have made away with over $100 million worth of digital assets, and NFTs in the past 12 months.

NFT Scams Are Getting Popular Among Hackers

The latest report from Elliptic titled “NFTs and Financial Crime,” was released on Wednesday that covers all NFT-related hacks between July 2021 and July 2022. The company has stated in the report that:

“Our data-driven analysis into the prevalence of money laundering, terrorist financing, scams, and sanctioned entities finds that these financial crimes represent a small but notable portion of an overall non-fungible token (NFT)-related trading activity”

The Elliptic took to it to Twitter stating that:

It was also revealed that over $8 million have been laundered in illicit funds using NFT-based platforms since 2017. Elliptic revealed that:

“Over $100 million worth of NFTs were publicly reported as stolen through scams between July 2021 and July 2022, netting perpetrators $300,000 per scam on average. July 2022 saw over 4,600 NFTs stolen – the highest month on record – indicating that scams have not abated despite the crypto bear market”

We all know that NFT scams are becoming widely popular among hackers day by day. Nowadays, the biggest projects are being hacked and used to dupe investors. Due to this, the popularity of NFTs is also declining.  Google Trends data has recently shown this which remains in tune with the current bearish market.

Elliptic said that it was the “source of $137.6 million of crypto assets processed by NFT marketplaces and the laundering tool of choice for 52% of NFT scam proceeds” before sanctions were imposed on Ethereum mixer Tornado Cash by the Office of Foreign Assets Control. The company also unveiled that there is a need to enhance the screening of fraudulent activities to improve security features on NFT platforms.

A group of hackers has recently targeted the entire Discord and Twitter communities of major crypto projects like Bored Ape Yacht Club (BAYC), which got attacked twice in June. So, screening of such frauds is a must nowadays in order to improve the security of NFT platforms.

Also Read: Spotify is testing new feature that allows artists to promote NFTs – PhoneWorld

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Laiba Mohsin

Laiba is an Electrical Engineer seeking a placement to gain hands-on experience in relevant areas of telecommunications. She likes to write about tech and gadgets. She loves shopping, traveling and exploring things.

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