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HomeNews$100 million worth of NFTs stolen last year, Elliptic says

$100 million worth of NFTs stolen last year, Elliptic says

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News Tech: LONDON, Aug 24 (Reuters) – Thieves stole over $100 million worth of non-fungible tokens in the year to July, blockchain research firm Elliptic said on Wednesday, as the fast-emerging digital asset became a new front in crypto’s hacking problem.

The market surged in 2021 as crypto-rich speculators spent billions of dollars on the assets, hoping to profit as prices rose. But since cryptocurrency prices crashed in May and June this year, NFT prices and sales volumes have plunged. read more

NFTs are blockchain-based assets that represent digital files such as images, video or text. read more

Scams remain rife in the NFT market even as it declines, with July seeing the highest number of NFTs reported stolen on record, London-based Elliptic said in a report.

Elliptic put the amount of money-laundering in NFT-based platforms at just $8 million. But almost $329 million worth of funds in the NFT market came from services such as so-called cryptocurrency mixers, which are designed to hide the funds’ origin, Elliptic said.

One such mixer, Tornado Cash, was used for laundering just over half of the proceeds of NFT scams, Elliptic said, before it was sanctioned by the United States this month. read more “There is a growing threat to NFT-based services from sanctioned entities and state-sponsored exploits,” Elliptic said, citing a $540 million theft in April which U.S. officials have linked to North Korea’s Lazarus Group.

RegisterReporting by Elizabeth Howcroft; editing by Jason Neely Source: Reuters Trust Principles.

Elizabeth Howcroft Thomson Reuters

Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving “Web3”.

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