NFT Thefts Declined in June But Crypto Exploit Losses Ramped Up

Nonfungible token (NFT) thefts for the month of June were the lowest they have been so far this year. Nevertheless, crypto crime remains a scourge as hackers and exploiters look for easy targets in the NFT space.

On June 3, blockchain security firm PeckShield reported on the state of NFT crime and token thefts over the past month.

NFT Thefts Down in June

The company revealed that there were $2.27 million in NFT thefts in June. Furthermore, this marks a 23% decrease compared to the previous month in which there were $2.95 million in NFT thefts.

The highest month of 2023 for NFT thefts was February which saw $16.2 million worth pilfered. In the first half of the year, almost $40 million worth of NFTs have been stolen.

PeckShield also noted that about half of the stolen NFTs were sold on marketplaces within three hours of the theft.

“Within a span of 160 minutes, half of the stolen NFTs were promptly sold on various marketplaces.” 

The most popular marketplace for stolen NFT sales is Blur with 86% of the total for June. Moreover, Blur has taken over from OpenSea for offloading ill-gotten NFTs over the past four months.

On July 1, BeInCrypto reported that a cyber-thief known as “Fake_Phishing182232” swiped two Bored Ape Yacht Club NFTs. The thief sold them both for around 70 ETH on the Blur marketplace shortly after carrying out the phishing attacks.

PeckShield alerted users about the theft of BAYC #8177 and #2330. The cyber-criminal had also pilfered NFTs from the Mutant Ape Yacht Club, Bored Ape Kennel Club, and Killabears collections.

Last week, PeckShield reported that June was the second-highest month this year for overall crypto exploits. A total of $92.5 million was lost from around 42 exploits in June. Moreover, July has not had a good start with the Poly Network getting exploited for the second time.

The decline in NFT thefts in June may be due to falling floor prices and them not being as lucrative targets as they once were.

NFT Floor Prices Plummet

Over the weekend, BeInCrypto also reported that there has been a slump in NFT floor prices.

All major collections including BAYC, MAYC, Azuki, DeGods, and Azuki Elementals, have seen floor prices crash by double figures.

However, Lookonchain revealed that collectors and whales have been scooping up NFTs at low prices. “Machi Big Brother” accumulated 84 Azuki NFTs over the past 24 hours to become the second largest holder, it noted.