A research firm based in London, Elliptic reveals the worth of $100 million of NFTs which have been stolen in the past year to July. NFTs have become as fascinated in the year as people are categorizing themselves with the amount they have.

Highlights

NFTs are a blockchain-based online storable asset
Stolen NFTs carried by Bored Apes and Mutant Apes, the most famous
Messages having a phishing nature attract NFT holders into scam traps

The research-based firm Elliptic has revealed the stealing of non-fungible tokens worth $100 million in the year to July. The blockchain research firm also says the fast-emerging digital asset acts as a front in the crypto’s frauding issues.

What NFTs are is the basic point that arises in every mind, these are the Blockchain-based assets that show some digital items including images, Videos, and, text. The market of the technology surged the profit when some crypto-rich businesses spent billions of dollars on the assets in the hope of gaining profit after rising in the price of the NFTs but the price and sales volumes have fallen.

Even as it declined continuously over the past year, NFTs have been witnessing several scams with July seeing the highest number of NFTs as recorded by the research firm Elliptic.

The firm Elliptic says security compromises have surged via social media, this account for about 23% of NFT thefts in 2022. As per the reports, thieves bagged about $300,000 in the individual scam. The firm also hinted the number of scams is even higher than the numbers shown because not all the scams are publically exposed.

Such scams and fraud have become the major issues in front of the crypto industry, at the time regulators all around the world are concerned about the use of crypto assets in cybercrime.

Elliptic give the amount of money laundering in NFT-based platform at just 8 million. But some of the $329 million worth of funds in the NFT business arrive from services called as cryptocurrency mixers, and basically, these techniques are used to hide the fund’s sources.

Picking one such mixer known as Tornado Cash was used for laundering over half of the proceeds of NFT scams before it was got sanctioned by the United States this month.

Elliptic said “There is a growing threat to NFT-based service from sanctioned entities and state-sponsored exploits,” also added the worth of $540 million of theft carried out in April to which US officials have linked it to North Korea’s Lazarus Group.

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