Nonfungible token (NFT) thefts for the month of June were the lowest so far this year. Nevertheless, crypto crime remains a scourge as hackers and exploiters look for easy targets in the NFT space.
On June 3, blockchain security firm PeckShield reported on the state of NFT crime and token thefts over the past month.
NFT thefts down in June
The company revealed that there were $2.27 million in NFT thefts in June. In addition, this represents a 23% decrease compared to the previous month in which there were $2.95 million in NFT thefts.
NFT thefts in 2023. Source: Twitter/PeckShield
The highest month of 2023 for NFT thefts was February, in which $16.2 million was stolen. Nearly $40 million worth of NFTs were stolen in the first half of the year.
PeckShield also noted that about half of stolen NFTs were sold on marketplaces within three hours of the theft.
“Within the space of 160 minutes, half of the stolen NFTs were promptly sold on various marketplaces.”
The most popular marketplace for stolen NFT sales is Blur with 86% of the total for June. In addition, Blur has taken over from OpenSea for the past four months in offloading ill-gotten NFTs.
Marketplaces for stolen NFT sales. Source: Twitter/PeckShield
On July 1, BeInCrypto reported that a cyber thief known as “Fake_Phishing182232” had stolen two Bored Ape Yacht Club NFTs. The thief sold them both for about 70 ETH on the Blur marketplace shortly after carrying out the phishing attacks.
PeckShield warned users about the theft of BAYC #8177 and #2330. The cybercriminal had also stolen NFTs from the Mutant Ape Yacht Club, Bored Ape Kennel Club, and Killabears collections.
Find out how to use NFTs for additional revenue: How to Start NFT Staking: A Beginner’s Guide
Last week, PeckShield reported that June was the second highest month for overall crypto exploits this year. In June, a total of $92.5 million was lost through approximately 42 exploits. In addition, July did not start well as the Poly Network was exploited for the second time.
The decline in NFT thefts in June may be due to falling rock bottom prices and them not being as lucrative targets as they once were.
NFT rock bottom prices plummet
Over the weekend, BeInCrypto also reported that NFT rock bottom prices have fallen.
All major collections, including BAYC, MAYC, Azuki, DeGods, and Azuki Elementals, have seen bottom prices drop by double digits.
However, Lookonchain revealed that collectors and whalers have scooped up NFTs at low prices. “Machi Big Brother” accumulated 84 Azuki NFTs in the past 24 hours to become the second largest holder, it noted.