Elliptic Calculates NFT Scam Losses at $100m for the Last 12 Months



Over the last 12 months, it has proven difficult to ignore the high volume of scams throughout the NFT sector. Now, blockchain analytics firm, Elliptic, has calculated the true extent of the accumulated losses to a massive, cue Dr Evil’s maniacal glare, $100m.

Throughout its research, Elliptic has taken stock of all the reported NFT crimes that took place between July 2021 and July 2022. Meaning, that the $100m figure does not represent the full extent of total losses. Due to the many unreported NFT thefts existing outside its scope of investigation.

In its report, Elliptic has concluded that these cyber crimes netted perpetrators an average of $300k per event. With the largest single felony, seeing 16 blue chip NFTs worth $2.1m highjacked back in December 2021. While the most expensive NFT stolen saw the nefarious thieves kidnap CryptoPunk #4324 and walk away with $490k.

Furthermore, on a rather alarming note, July 2022 saw the largest number of NFTs stolen. Recording an horrendous 4,600 assets taken without their owners consent. Therefore, indicating that crypto scams of this ilk remain on the rise.

Other significant findings show that $43 million worth of Bored Ape NFTs were pilfered throughout the year. While social media compromises represented by far the most common way of infiltrating collector’s accounts.

Read the full report >> Here

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