In recent research, a blockchain analysis company <a href="https://www.elliptic.co/hubfs/NFT%20Report%202022.pdf">reported</a> that during the past year NFTs worth $100 million were stolen in various schemes between January and July this year. Approximately $300,000 was stolen by the criminals from each fraud. The most expensive NFT to be stolen, CryptoPunk #4324, was sold for $490,000 by scam artists shortly after it was taken on November 13, 2021, according to the report.

The research gathered information about NFT fraud by performing open-source analysis on significant social media platforms. The scam incidents in which NFTs worth $100 million were stolen included in the study met the following criteria:
<ul>
 	<li>Reported as stolen on social media.</li>
 	<li>The report showed a clear pattern of theft based on Ethereum transactions.</li>
 	<li>Took place between July 2021 and July 2022.</li>
</ul>
<h2><strong>Phishing as a Risk</strong></h2>
The value of NFTs obtained in various ways amounts to more than half of the stated sum, or $69.5 million. Most of these thefts have been executed through phishing scams.

Email and social media-based phishing were used to get 80.1% of the stolen digital artworks. The remaining ones were carried out through identity scams, swapping scams, and other techniques.

Phishing schemes airdropped free NFTs or charged low prices for NFTs, frequently in a.svg format, that served as Trojan horses, allowing hackers access to the user's account once the NFT was received or, in some circumstances, disclosing the collector's IP address, among other things.
<h2><strong>Rug Pulls Remained Constant</strong></h2>
Even though 2017 is already a distant memory, rug-pulling is still a reality. The study makes it clear that not all NFT rug-pulls from the previous year began with intent.

The paper shows that, despite the increasing number of negative actors in the NFT arena, many of the rug-pulls that occurred in the previous year included projects that were begun by originally honest developers who promised things and, when faced with the fact that their attempts to fulfill them were useless, chose to quit the scheme and go into hiding.
<h2><strong>Making It Personal</strong></h2>
The study also highlights more unauthentic activities. These strategies include leveraging celebrities to manipulate the market, outright blackmailing developers of the project; and wash trading, which is the act of frequently selling something between two or more parties to inflate the price.

The report concludes with several suggestions for users who want to safeguard themselves against becoming victims. It also cautions readers that potential future frauds may take forms not yet seen elsewhere and urges everyone to be extra cautious.

NFTs Worth $100 Million Stolen in The Last Year: Report

NFTs worth $100 Million stolen in last one year. The most expensive NFT CryptoPunk was sold for $490,000 by scammers after it was stolen in November 2021.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

NFTs Worth $100 Million Stolen in The Last Year: Report

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