Art | August 28, 2022 4:01 pm

NFT Theft Reached Nine Figures in the Last Year

Digital heists are big business

NFTs
Turns out a lot of people have been stealing NFTs in the last year.
Getty Images

Turns out Bored Apes heists were only the beginning.

If you’ve been keeping an eye on the world of NFTs, you’ve probably been aware of some high-profile thefts in the last year or so. As it turns out, NFTs not having a physical component doesn’t necessarily make them theft-proof — it just changes the methods that would-be Danny Oceans have to utilize in order to make off with various pieces of digital art. And while some very visible examples of digital art theft have made the news — such as this Bored Ape heist — the full scale of NFT heists is much larger than that might indicate.

As a recent ARTnews article indicates, the full scale of NFT thefts from July 2021 to July 2022 is a nine-figure sum. That’s one of the biggest conclusions reached in a new report from Elliptic, a company that deals with crypto assets and security. According to said report, over $100 million worth of NFTs were stolen within that 12-month span.

The report went on to reveal that scammers made, on average, $300,000 for each case. And the pace of NFT heists doesn’t seem to have slowed — according to Elliptic’s research, 4,600 NFTs were stolen in July of 2022.

NFT heists might be less visually striking than their museum-bound counterparts, but that doesn’t mean that they’re any less profitable for those who engage in them — or any more illegal.