PeckShield claims most stolen NFTs are resold within three hours

By: Michael Wilson

July 3, 2023 2:57 PM

As reported by PeckShield, only $2.27 million worth of NFTs have been stolen in June, making it the least stolen NFT month of 2023.

According to a recent analysis by blockchain security company PeckShield, half of stolen nonfungible tokens (NFTs) are traded within 160 minutes on several NFT marketplaces like Blur and OpenSea. 

On July 3, PeckShield revealed→ many NFT data points, including the value stolen in June, the time it takes to sell stolen NFTs, and which NFT markets are used to sell the stolen assets.

According to the security firm, $2.27 million in NFTs were stolen in June 2023, the year's lowest monthly amount thus far. Furthermore, the data reveals an 85% drop from February, when the value of stolen NFTs peaked at $16.2 million.

The estimated value of stolen NFT assets in 2023. Source: PeckShield.

Aside from the quantity of NFTs lost, the blockchain security firm discovered that half of the stolen NFTs detected are sold within three hours, implying that hackers don't take long to dump some of their ill-gotten earnings.

While this is going on, the most popular venues to sell stolen NFTs are on Blur and OpenSea. In June, those two sites received 99.7% of stolen NFTs, with Blur receiving 86% and OpenSea receiving 13.76%.

In the meantime, holders of the popular NFT collection Azuki have advocated forming a decentralized autonomous organization (DAO) to hire legal counsel and sue Azuki's creator, Zagabond. The group hopes to obtain the $39 million in Ether (ETH) gained from the recent sales of Azuki's new collection, "Elementals."

According to AzukiDAO, giving funds to the DAO will help the entire Azuki community develop.