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Stolen NFTs Sold Off Quickly, Reports PeckShield

Blockchain security firm PeckShield reveals that half of stolen NFTs are sold within 160 minutes. The report marks an interesting turn in the thriving NFT marketplace.

In an intriguing revelation, blockchain security firm PeckShield reports that $2.27 million worth of nonfungible tokens (NFTs) were stolen in June, marking the lowest monthly figure for 2023. More surprisingly, half of these stolen NFTs are sold within 160 minutes on various NFT marketplaces, including Blur and OpenSea.

On July 3, PeckShield presented several data points around NFTs, including the stolen value in June, the speed at which stolen NFTs are sold, and the most popular NFT marketplaces for selling these ill-gotten assets.

As per the firm's findings, June 2023 saw a noteworthy decrease in NFT theft, with the $2.27 million figure being the lowest of the year. This marks an 85% dip compared to February, when stolen NFTs were valued at a whopping $16.2 million.

The pace at which these stolen NFTs are offloaded by the hackers is startling. Half of the stolen NFTs that PeckShield flagged were sold within a mere three hours.

The top spots for offloading stolen NFTs were Blur and OpenSea, with a staggering 99.7% of stolen NFTs ending up on these two platforms in June. Blur took the lion's share, handling 86% of transactions, while OpenSea was utilized for 13.76%.

In related news, a decentralized autonomous organization (DAO) made up of holders from the popular Azuki NFT collection has proposed to hire a lawyer to press charges against Azuki's founder, Zagabond. The move comes in an attempt to claim the $39 million in Ether earned from recent sales of Zagabond's new collection called "Elementals." According to AzukiDAO, the funds, if allocated to the DAO, would spur the growth of the entire Azuki community.