Bad Actors Have Stolen More Than $100,000,000 Worth of NFTs Since Last Year: Crypto Analytics Firm

New information from a distinguished crypto intelligence agency is revealing that criminals have stolen over 100 million {dollars} value of non-fungible tokens (NFTs) since final 12 months.

Based on blockchain analytics agency Elliptic, over $100 million value of NFTs have been reported stolen between July 2021 and July 2022, with July of this 12 months being the very best month on report, which means that NFT-related scams haven’t slowed down regardless of the most recent crypto winter.

“Over $100 million value of NFTs had been publicly reported as stolen by scams between July 2021 and July 2022, netting perpetrators $300,000 per rip-off on common. July 2022 noticed over 4,600 NFTs stolen – the very best month on report – indicating that scams haven’t abated regardless of the crypto bear market.”

Elliptic finds that recently-banned crypto mixing service Twister Money was the first device of selection for dangerous actors because it was employed in over half of all NFT laundering instances till it was barred from being utilized in the US.

“Twister Money, a US-sanctioned mixer, was the supply of $137.6 million of crypto property processed by NFT marketplaces and the laundering device of selection for 52% of NFT rip-off proceeds earlier than being sanctioned by OFAC [Office of Foreign Assets Control] in August 2022.

Its prolific use by risk actors partaking with NFTs additional emphasizes the necessity for efficient sanctions screening by NFT platforms.”

Twister Money was banned by the Treasury Division’s OFAC earlier this month after it was deemed a nationwide safety risk attributable to ties to legal exercise.

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