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Stolen NFTs: Swift Sales and Dominant Marketplaces Revealed

David - Cryptocurrency Enthusiast

In the latest cryptocurrency news, PeckShield, a blockchain security firm, has released a report shedding light on stolen non fungible tokens (NFTs). The report reveals that a significant portion of stolen NFTs are sold within a remarkably short timeframe. Additionally, it highlights the dominant marketplaces where these stolen assets are commonly traded. This article examines the findings from PeckShield's report, providing insights into the speed of NFT sales and the primary platforms involved in these illicit transactions.

Rapid Sale of Stolen NFTs:

According to PeckShield's data, approximately half of the stolen NFT coins are sold within just 160 minutes. This suggests that hackers waste little time in offloading their illicit gains, capitalizing on the demand for these unique digital assets. The speedy turnaround time underscores the urgency in implementing robust security measures within the NFT ecosystem.

Blur and OpenSea:

PeckShield's report reveals that the primary marketplaces for selling stolen NFT coins are Blur and OpenSea. In June, a staggering 99.7% of stolen NFTs were directed to these two platforms. Blur accounted for 86% of the transactions, while OpenSea handled 13.76%. The dominance of these marketplaces highlights the need for increased security measures and vigilant monitoring to curb illicit activities within the NFT market.

Decline in Stolen NFT Figures:

PeckShield's report also indicates a decline in the value of stolen NFTs in June. The total amount lost to theft during this month amounted to $2.27 million, representing the lowest monthly figure for stolen NFTs in 2023. This data reflects an 85% decrease compared to the peak of $16.2 million recorded in February. While the decrease is encouraging, it remains crucial for industry participants to remain vigilant in protecting NFT crypto assets.

AzukiDAO's Pursuit of Legal Action:

In an intriguing turn of events, AzukiDAO, a decentralized autonomous organization comprised of dedicated holders of the Azuki NFT collection, is actively considering the pursuit of legal action against Azuki's founder, Zagabond. Motivated by their collective interests, the group aims to secure the $39 million worth of Ether generated from the highly successful sales of Azuki's captivating "Elementals" collection. AzukiDAO firmly believes that redirecting these substantial funds to the DAO will not only stimulate the growth and progress of the vibrant Azuki community but also create an environment conducive to further development within the NFT realm.

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