Surge in NFT Theft Uncovered by PeckShield Monitoring

03/02/2023 18:41 • Tech Ticker • 124 views

It is reported that according to PeckShield monitoring, NFT worth 16.2 million US dollars was stolen in February this year, with a month-on-month increase of 268%. Nearly half of the stolen NFTs were sold within 82 minutes. About 47% of stolen NFTs are sold on OpenSea and about 21.7% on Blur.

Security team: NFT worth 16.2 million dollars was stolen in February

Interpret the above information:

Non-Fungible Tokens (NFTs) are digital assets that provide a unique ownership experience to their holders. They are becoming increasingly popular due to their potential as rare and valuable digital assets. However, the surge in NFT theft is a matter of growing concern. According to a report by PeckShield monitoring, the amount of stolen NFT worth 16.2 million US dollars in February 2021 has increased by 268% compared to January 2021.

The report uncovers the alarming statistics of NFT theft, including the rapid selling of nearly half of the stolen NFTs within just 82 minutes. The fact that the stolen assets were sold so quickly suggests a high demand for the stolen items. Additionally, the report highlights the marketplaces on which the stolen NFTs are sold. OpenSea and Blur account for 47% and 21.7% of the stolen NFTs sold, respectively, indicating that these platforms have security vulnerabilities that fraudsters exploit.

The increase in NFT theft signals a need for heightened security measures. Besides the efforts made by the NFT platforms themselves, proactive measures and checks should be taken by the users to ensure their safety. For instance, it is recommended that users securely store their NFTs on personal wallets rather than leaving their digital assets on the platforms, where they may be at risk of theft. Also, double-checking the reputation of any seller before making a purchase can prevent falling for fraudulent offers.

In conclusion, the PeckShield monitoring report on the surge in NFT theft is a wake-up call for all stakeholders within the industry to invest in security measures thoroughly. Marketplaces that are most vulnerable should prioritize their security to protect their users against potential fraudsters. As for the users, storing digital assets in secure personal wallets is of the utmost importance. As NFT continues to gain recognition and popularity, adopting better security protocols is crucial in the industry’s growth and sustainability.

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Surge in NFT Theft Uncovered by PeckShield Monitoring

Security team: NFT worth 16.2 million dollars was stolen in February

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