Blockchain Analysis Company Elliptic Shared Its Latest Report With Interesting Data With Investors!

Blockchain The new report by analytics firm Elliptic sheds light on theft, fraud and other illegal activities in the non-fungible token (NFT) sector.

According to Elliptic’s Report, NFTs Valued Over $100 Million Have Been Stolen in the Last Year

According to Elliptic’s report, over $100 million in NFTs was stolen between July 2021 and July 2022, but the actual amount is likely higher as the thefts were detected retrospectively.

While apparently high according to the data, an estimated $100 million in stolen NFTs accounted for about 0.65% of the total NFT transaction volume at that time. Between July 2021 and July 2022, approximately $15.3 billion worth of NFT transactions took place.

According to the report, Bored Ape Yacht Club NFTs were the most reported stolen NFTs. The analytics firm identified 167 stolen Bored Ape Yacht Club NFTs worth over $43.6 million.

Mutant Ape Yacht Club and Azuki NFTs were the second and third most likely NFTs to have been stolen, with losses of $14.5 million and $3.9 million, respectively.

NFT Thefts Didn’t Slow Down Even After the Terra (LUNA) Crash

While the total value of NFTs stolen through fraud peaked at $24 million in May 2022, the highest number of stolen incidents occurred in July 2022 with 4,600 NFTs.

Elliptic argues that this year’s bear market, which began around May following the UST and Terra crash, failed to dampen NFT thefts.

Elliptic also found that over $8 million of illegal funds have been laundered through NFT-based platforms since 2017. By the way, cryptocurrency Another $328.6 million was laundered through services like mixing.

*Not investment advice.