NFTs Worth $100M Reported Stolen Over Past Year: Elliptic

Thefts in May 2022 topped the list in in terms of value with 3,473 NFTs worth $23.9 million stolen.

AccessTimeIconAug 24, 2022 at 3:01 p.m. UTC
Updated Aug 24, 2022 at 3:36 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Non-fungible tokens (NFT) worth $100.6 million were reported stolen over the 12 months ending in July, according to a new report by blockchain analytics firm Elliptic.

Thanks to crypto winter, the value of stolen NFTs topped out in May at $23.9 million, and then tumbled to just $5 million in June and $3.9 million in July. The volume of thefts, however, continues to rise – from 3,473 in May to 3,712 in June and then to 4,647 in July.

Elliptic also found that over $8 million worth of illicit funds has been laundered through NFT-based platforms since 2017. Meanwhile, a further $328.6 million was laundered through services like crypto mixers.

Tornado Cash, the mixer recently sanctioned by the U.S., was the source of $137.6 million of crypto assets processed by NFT marketplaces.

London-based Elliptic is an analytics firm that provides the blockchain industry with compliance and anti-money laundering software.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC