The lowest monthly amount for stolen NFTs in 2023, according to PeckShield, was $2.27 million in June.
Alarming statistics about stolen nonfungible tokens (NFTs) and their rapid turnover on several NFT marketplaces like Blur and OpenSea are revealed in a recent research by blockchain security company PeckShield.
PeckShield claims that on these platforms, half of the stolen NFTs are sold in just 160 minutes. This shows that hackers don’t waste much time selling their stolen goods to get money.
The report notes that June 2023 saw the lowest monthly value of the year for stolen NFTs, at $2.27 million. In comparison to February, when the largest value of NFTs taken was $16.2 million, it reflects an 85% decline.
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The results show that hackers can quickly monetize stolen NFTs, as about half of the stolen assets that were marked for sale did so in under three hours. This shows that there is a thriving and lucrative secondary market for stolen NFTs operated by thieves.
According to the research, Blur and OpenSea are the main sites for buying and selling stolen NFTs. These systems were responsible for 99.7% of the stolen NFT transactions in June. 86% of these sales were handled by Blur, while 13.76% were handled by OpenSea.
Related: Poly Network Hack Exposes 57 Crypto Assets to Risk, Users Urged to Withdraw Funds
Insecurities about the security and susceptibility of NFT marketplaces are raised by the quick resale of stolen NFTs and the concentration of such transactions on particular platforms. This emphasizes the requirement for greater security measures and increased watchfulness in order to stop and reduce NFT thefts and fraudulent actions in the ecosystem.