NFTs have become increasingly popular in recent years, with some digital assets selling for millions of dollars. However, the NFT market is also rife with theft, with hackers stealing millions of dollars worth of NFTs in recent months.
A recent report by blockchain security firm PeckShield found that half of all stolen NFTs are sold within 160 minutes of their theft. This means that hackers are quickly offloading their ill-gotten gains onto NFT marketplaces, making it difficult for the original owners to track down and recover their stolen assets.
The report also found that Blur and OpenSea are the two most popular platforms for selling stolen NFTs. In June 2023, 99.7% of stolen NFTs were sold on these two platforms, with Blur accounting for 86% of the transactions and OpenSea handling 13.76%.
The theft of NFTs is a serious problem that is undermining the trust and transparency of the NFT market. It is important for NFT buyers to be aware of the risks involved and to take steps to protect their assets.
Here are some tips for protecting your NFTs from theft:
- Store your NFTs in a secure wallet.
- Use a strong password and two-factor authentication.
- Be careful about clicking on links in emails or on social media.
- Do not share your private keys with anyone.
If you think that your NFTs have been stolen, you should contact the NFT marketplace where you purchased them and report the theft. You should also file a police report.
The theft of NFTs is a serious problem, but it is important to remember that the vast majority of NFTs are not stolen. By following these tips, you can help to protect your NFTs from theft and ensure that you can enjoy your digital assets for years to come.
In addition to the theft of NFTs, the NFT community is also grappling with issues of trust and transparency. In a recent development, the decentralized autonomous organization (DAO) comprising Azuki NFT collection holders proposed to take legal action against Azuki’s founder, Zagabond. They aim to gain control of $39 million worth of Ether earned from recent sales of Azuki’s new “Elementals” collection.
The AzukiDAO argues that redirecting the funds to the DAO will stimulate the growth of the Azuki community as a whole. This development exemplifies how the NFT community is grappling with issues of trust and transparency, and how measures are being implemented to ensure the rightful distribution of proceeds.
The theft of NFTs and the legal action against Azuki’s founder are just two examples of the challenges facing the NFT industry. However, these challenges are also an opportunity for the industry to grow and mature. By addressing these challenges, the NFT industry can become more secure, transparent, and trustworthy.
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*All investment/financial opinions expressed by NFT News are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
This information is published by the NFT News media team.
