New reports reveal that hackers and notorious cybercriminals have stolen more than $100 million worth of non-fungible tokens (NFTs) this year up to July, making the nascent crypto sector the new front in cyber hacking.
According to an Elliptic report published on August 24, scammers had stolen more than $100 million of NFTs this year as of July. Elliptic is a blockchain research firm dedicated to making cryptocurrency transactions more transparent and accountable.
The new report reveals that security breaches through various social media platforms have surged, accounting for 23% of NFT scams in 2022. In this case, the Bored Ape Yacht Club is a perfect example that suffered from a security breach on its social media discord servers in June. At the time, its user lost NFTs worth over 200 ETH in a phishing attack on its metaverse venture, Otherside.
Although the Elliptic reports have approximated an average of $300,000 per scam, the exact scale of NFT theft might be even higher, given that not all victims often report cyber crimes publicly. The London-based research firm has estimated the amount of money-laundering in NFT-based platforms at just $8 million. Surprisingly, almost $329,000 worth of funds in the NFT market came from crypto mixers.
This news is published and verified by the NFT News media team.
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