Blockchain security firm PeckShield has disclosed that half of stolen NFTs are typically sold within three hours on marketplaces, in a recently published report.
PeckShield’s study reveals an alarming trend in the NFT industry, as stolen assets are quickly moved through marketplaces. In June alone, the value of stolen NFTs reached $2.27 million, even though this was the lowest monthly figure since February when the stolen NFT value hit $16.2 million—a significant 85% decrease.
Despite this drop, the study raises concerns about the speed and ease with which stolen NFTs are sold. As shown by a previous report from PeckShield, which revealed that stolen NFTs are often sold within three hours on marketplaces like Blur and OpenSea.
PeckShield noted that the NFT marketplaces Blur and OpenSea were the most common venues for these quick sales, with Blur handling 86% of these transactions and OpenSea managing 13.76%.
These findings further underscore the need for enhanced security and accountability within the NFT sector which has been pointed out several times in the past.
A case registered in August 2022 highlighted the shrewd policies surrounding stolen NFTs where Attorney Jesse Halfon filed a lawsuit against OpenSea over its ‘stolen’ NFT policy. Due to the existing policy, users often find their NFTs locked and are unable to sell or trade the NFTs after previous owners report them as stolen.
Many users have joined the lawsuit, turning it into a potential class action case. However, OpenSea’s terms currently ban class action lawsuits, making the outcome uncertain.
The alarming trend emphasizes the need for enhanced security measures and accountability within the NFT sector
