A recent study by PeckShield, a blockchain security company, has revealed that approximately half of the stolen nonfungible tokens (NFTs) are sold within a mere 160 minutes on popular NFT marketplaces such as Blur and OpenSea.
PeckShield’s report, released on July 3, provides valuable insights into the world of NFTs. It covers various aspects, including the total value of stolen NFTs in June, the time taken for these stolen assets to be sold, and the specific platforms used to facilitate the sale of these illicit items.
In June 2023, the value of stolen NFTs reached $2.27 million, marking the lowest monthly total for the year, as reported by PeckShield.This figure marks an 85% decrease compared to the peak in February, where stolen NFTs were valued at $16.2 million.
Aside from the monetary losses incurred due to NFT theft, the report also highlights that half of the identified stolen NFTs are quickly sold within a span of three hours. This finding suggests that hackers waste no time in disposing of their ill-gotten gains.
When it comes to the preferred marketplaces for selling stolen NFTs, Blur and OpenSea dominate the landscape. In June, these two platforms accounted for 99.7% of the transactions involving stolen NFTs. Out of this, Blur facilitated 86% of the sales, while OpenSea handled 13.76%.
Furthermore, a group known as AzukiDAO, which consists of holders of the popular NFT collection Azuki, has proposed hiring a lawyer to pursue legal action against Azuki’s founder, Zagabond. The reason behind this move is to recover the $39 million worth of Ether (ETH) earned from the recent sales of Azuki’s latest collection called “Elementals.”
AzukiDAO believes that allocating these funds to the decentralized autonomous organization (DAO) will contribute to the growth and development of the entire Azuki community.
In conclusion, PeckShield’s research sheds light on the rapid pace at which stolen NFTs are sold, with half of them finding buyers within just three hours. It also highlights Blur and OpenSea as the primary platforms used for selling stolen NFTs. Additionally, AzukiDAO seeks legal recourse to reclaim the substantial earnings generated from Azuki’s recent collection, aiming to benefit the Azuki community as a whole.
