{"id":13741,"date":"2022-08-24T22:16:55","date_gmt":"2022-08-24T22:16:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/report-says-over-100-million-lost-in-nft-scams-in-past-year\/"},"modified":"2022-08-24T22:16:55","modified_gmt":"2022-08-24T22:16:55","slug":"report-says-over-100-million-lost-in-nft-scams-in-past-year","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/report-says-over-100-million-lost-in-nft-scams-in-past-year\/","title":{"rendered":"Report says over $100 million lost in NFT scams in past year"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<ul>\n<li style=\"font-weight: bold;font-style: italic\"><em><strong>The average NFT theft was valued at around $300,000.<\/strong><\/em><\/li>\n<li style=\"font-weight: bold;font-style: italic\"><strong><em>A record 4,600 NFTs stolen in July 2022.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\">Non-fungible tokens (NFTs) worth more than $100 million were stolen in the past year, London-based blockchain analytics firm Elliptic said in a <a href=\"https:\/\/www.elliptic.co\/resources\/nfts-financial-crime?\" rel=\"noopener noreferrer\" target=\"_blank\">report<\/a> published Wednesday.<\/p>\n<p dir=\"ltr\">According to the firm, the figures represent NFT thefts that were publicly reported between July 2021 and July 2022, suggesting it could be higher.<\/p>\n<h2>$300k per NFT scam<\/h2>\n<p dir=\"ltr\">During this period, scammers netted an average of $300,000 per theft, with July 2022 seeing a record 4,600 NFTs stolen. This suggests that NFT scams continue to increase despite the impact of the crypto winter to the broader market.<\/p>\n<p dir=\"ltr\">Sanctioned Tornado Cash appears to have been use to process the NFT funds stolen from marketplaces, which Elliptic puts at around 52% of all transactions.<\/p>\n<p dir=\"ltr\">In the report, Elliptic also notes that NFT-based platforms have helped launder more than $8 million in illicit funds since 2017. According to the analytics firm, these amounts account for 0.02% of trading activity tracked to known sources.<\/p>\n<h2>NFT sales<\/h2>\n<p dir=\"ltr\">The report covers that period of the previous bull market when surging crypto markets and the availability of easy money propelled the NFTs sector to new news. With only a few hundred million dollars\u2019 worth of sales seen in 2020, last year\u2019s rally \u2013 particularly between July and November \u2013 pushed sales volumes in the NFT market well over $40 billion for the year.<\/p>\n<p>The outlook has been somewhat different in 2022, with the bear market contributing to a significant decline in sales.\u00a0<\/p>\n<p>But even so, a <a href=\"https:\/\/blog.chainalysis.com\/reports\/chainalysis-web3-report-preview-nfts\/\" rel=\"noopener noreferrer\" target=\"_blank\">recent<\/a> report from blockchain analysis platform Chainalysis shows the number of NFT buyers as of Q2 this year was only bettered by those seen in Q3 2021 and Q1 2022.<\/p>\n<\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/nfts-worth-100-million-lost-to-scams-in-past-year-elliptic\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The average NFT theft was valued at around $300,000. A record 4,600 NFTs stolen in July 2022. Non-fungible tokens (NFTs) worth more than $100 million were stolen in the past year, London-based blockchain analytics firm Elliptic said in a report published Wednesday. According [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13741"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13741"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13742"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}