Over $86.6M worth of NFTs has been stolen since 2022

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Recent research from Com­par­itech shows that NFT thefts are becom­ing more fre­quent than ever— and more profitable.

The com­pa­ny has kept track of NFT thefts ever since the non-fun­gi­ble token stan­dard was first intro­duced and record­ed the first stolen NFTs as ear­ly as 2020. Since then, over $86.6 mil­lion of tokens have been stolen. At today’s prices, these NFTs are worth over $896.5 million.

There has also been a sig­nif­i­cant increase in the over­all num­ber of NFT thefts in 2022, stark­ly con­trast­ing the declin­ing num­ber of cryp­to hacks record­ed by Com­par­itech. Out of the 166 total NFT thefts, 14 hap­pened in 2021, and only two occurred in 2020. The remain­ing 150 took place, in 2022, with March being the worst month for NFT own­ers, with 31 thefts hap­pen­ing that month.

nft thefts
Chart show­ing NFT thefts from 2020 to 2022 (Source: Comparitech)

The largest theft based on the amount stolen at the time of the attack was Lym­po. In Jan­u­ary 2022, the sports-based NFT sub­sidiary of Ani­mo­ca Brands lost 165.2 mil­lion LMT tokens in a hot wal­let hack. At the time of the attack, the tokens were worth $18.7 mil­lion. In Novem­ber 2021, WAX chain game Farm­ers World suf­fered a hack that result­ed in $15.7 mil­lion worth of NFTs being stolen.

With $13.7 mil­lion stolen, BAYC is the third-largest NFT hack ever. In April 2022, BAYC’s Insta­gram account was hacked, and dozens of NFTs were stolen from users. The floor price for the stolen NFTs was near­ly $14 mil­lion at the time of the attack.

In its research, Com­par­itech only focused on clear exploits from hack­ers and exclud­ed rug pulls, employ­ee thefts, phish­ing scams, and com­pa­ny errors. The study also includ­ed NFT attacks iden­ti­fied by secu­ri­ty track­ers such as Peck­Shield or CertiK.

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