NFT Theft Drops 31% in July
In line with the overall downturn in the market, the amount of stolen NFTs saw a significant decline in July.
According to blockchain security firm PeckShield, approximately $1.73 million worth of NFTs were stolen in July, marking a 31% decrease from June and an 89% drop from the $16.2 million reported in February.
#PeckShieldAlert In July 2023, ~$1.73M worth of #NFTs were stolen, marking a 31% decrease compared to the previous month. Within a span of 165 minutes, half of the stolen NFTs were promptly sold on various marketplaces. The percentage of stolen NFTs initially sold on @blur_io… pic.twitter.com/cknsefpfwe
— PeckShieldAlert (@PeckShieldAlert) August 6, 2023
PeckShield notes that half of the stolen NFTs were sold within 165 minutes, primarily through Blur—the leading NFT marketplace on Ethereum by volume—accounting for 67.3%, followed by OpenSea with 19.63%.
Historically, several well-known figures in the industry have experienced wallet hacks due to lapses in security, including NFT project founder Kevin Rose of Moonbirds, NFT investor NFT.GOD, early Bitcoin developer Luke Dash Jr., and DeFiance Capital fund manager Arthur0x.
While the decrease in stolen NFT value is a positive sign, it also reflects a waning interest in the cryptocurrency space overall. According to data from The Block, transaction volumes across NFT markets on Ethereum dropped by 17% in July, continuing a steady decline over the past five months.
Monthly Transaction Volume Across NFT Markets on Ethereum. Source: The Block
