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Over $100m worth of NFTs have been stolen this season

NFTs

(Image credit: Shutterstock/Sashkin)

Cybercriminals have stolen $100 million worth of non-fungible tokens (NFT) in the initial half and some 2022, new research has revealed..

A written report from Elliptic found the majority of the NFTs were stolen in July, as the average theft set NFT investors and buyers back $300,000 per incident. The quantity can also be higher, the business further added, as much incidents arent even reported and therefore usually do not affect the common figures.

Quite often, the thieves would scam people into offering their NFTs, instead of looking for a vulnerability or perhaps a flaw in the machine, with thefts usually completed via social media marketing. Actually, almost 25 % (23%) of most NFT thefts this season originated on social media marketing.

Laundering tokens

But Elliptic also appears to hint that lots of of the NFT acquisitions that contributed to the stellar growth of the market originated from shady sources. Almost $330 million worth of funds in the NFT market originated from crypto mixers, such as for example Tornado Cash, it said.

These services hide the origins of the tokens, making them perfect for people seeking to launder cryptos stolen via ransomware, data breaches, cryptojackers, along with other means.

There exists a growing threat to NFT-based services from sanctioned entities and state-sponsored exploits, Elliptic said.

Earlier this month, Tornado Cash was frozen by the U.S. government, and its own developer, Alexey Pertsev, arrested. The government argued that the Lazarus Group, a known state-sponsored threat actor from North Korea, was utilizing the service to launder funds stolen in a variety of cybercriminal activities.

Lazarus Group has been from the theft greater than $600 million in a variety of cryptocurrencies from Ronin bridge, that was one of the primary crypto heists ever sold.

NFTs are non-divisible digital tokens, such as for example images, music, or text. Probably the most popular NFT collections on the market may be the Bored Ape Yacht Club (BAYC), with individual tokens reaching prices in huge amount of money.

Via: Reuters (opens in new tab)

Sead Fadilpašić

Sead is really a seasoned freelance journalist located in Sarajevo, Bosnia and Herzegovina. He writes about any of it (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, regulations). In his career, spanning greater than a decade, hes written for numerous media outlets, including Al Jazeera Balkans. Hes also held several modules on article writing for Represent Communications.

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