According to a recent report by blockchain security firm PeckShield, approximately half of stolen NFTs are sold within three hours on various marketplaces.
The report highlights a concerning trend in the NFT industry, where stolen NFTs are quickly sold on marketplaces. In June, the value of stolen NFTs amounted to $2.27 million, the lowest monthly figure since February when the value reached $16.2 million—an 85% decrease.
Despite the decrease in value, the report raises concerns regarding the speed and ease with which stolen NFTs are sold. Previous research by PeckShield showed that stolen NFTs are often sold within three hours on platforms like Blur and OpenSea.
According to PeckShield, Blur and OpenSea are the most common marketplaces for these quick sales, with Blur accounting for 86% of transactions and OpenSea managing 13.76%.
These findings underscore the importance of improving security measures and accountability in the NFT sector, which has been highlighted on multiple occasions in the past.
In a notable case from August 2022, Attorney Jesse Halfon filed a lawsuit against OpenSea over its policies regarding stolen NFTs. Due to these policies, users often find their NFTs locked and are unable to sell or trade them after previous owners report them as stolen.
Many users have joined the lawsuit, potentially turning it into a class action case. However, OpenSea’s terms currently prohibit class action lawsuits, making the outcome uncertain.
This alarming trend emphasizes the need for enhanced security measures and accountability within the NFT sector.
Compiled by Coinbold