Elliptic Report: $100 Million in NFTs Stolen in One Year – BeinCrypto

According to a recent report published by the firm Elliptic, crimes of theft or money laundering linked to NFTs amounted to nearly 100 million over the last twelve months.

NFTs are not immune to laundering

Released during this week, the new report from Elliptic provides an inventory of illicit transactions concerning NFTs over the last twelve months. Each scam earned cybercriminals about $300,000; however, CryptoPunk #4324 generated $490,000.

The blockchain analysis company estimated the value of the stolen NFTs at 100 million. But this figure is certainly underestimated because not all cases of theft have been declared. Most of these cases mostly involve cheap non-fungible tokens.

Added to the millions stolen from their owners through NFTs, the “NFTs and Financial Crime” from Elliptic also reports that non-fungible tokens have been used to launder nearly $8 million since 2017.

Cybercriminals have become more astute in their modus operandi and are thus able to counterfeit works or even circumvent verification protocols.

As an example, remember that in January, the NFT Big Daddy Ape Club rug pull took place, which earned investors 9136 SOL or $1.3 million. This happened despite a civic company due diligence towards the end of December.

What about the distribution of stolen projects?

If it was in July that we had the highest number of cases of theft of tokens with no less than 4,600, the month of May for its part received almost a quarter of the total value, i.e. 24 million dollars of NFT.

According to Elliptic, the biggest theft was committed in December 2021. It caused the loss of 16 NFTs and was valued at $2.1 million.

According to the report, the breakdown of stolen NFTs can be grouped as follows:

● 23% comes from social media platforms with 5,000 NFTs worth around $20 million

● Two-thirds of total NFT stolen value comes from 5 collections: Bored Ape Yacht Club, Mutant Ape, Azuki, Otherside and CloneX.

● The Tornado Cash mixer was allegedly used to launder $137.6 million worth of cryptocurrency, or 52% of illicit NFT transactions.

For Elliptic, however, these figures only tarnish the reputation of the sector, but do not represent much in terms of value. Only 100 million of the 15.3 billion dollars were stolen and this represents only 0.65% of the total volume of transactions.

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Elliptic Report: $100 Million in NFTs Stolen in One Year – BeinCrypto


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