Elliptic, a blockchain analytics firm, has released a new report on non-fungible token (NFT) theft, scams, and other illegal activity.
According to Elliptic’s report, over $100 million in NFTs were stolen between July 2021 and July 2022, though the true amount is likely higher because thefts are identified retroactively.
The estimated $100 million in stolen NFTs represented about 0.65% of total trading volume during that time period. NFT transactions totaled approximately $15.3 billion between July 2021 and July 2022.
According to the report, bored Ape Yacht Club NFTs were the most likely to be publicly reported stolen. Elliptic discovered 167 stolen Bored Apes worth more than $43.6 million. Mutant Ape Yacht Club and Azuki NFTs came in second and third, with losses of $14.5 million and $3.9 million, respectively.
The highest value of NFTs stolen through scams was $24 million in May 2022, and the most NFTs stolen in a month was 4,600 in July 2022.
According to Elliptic, this year’s bear market, which began in May following the UST-Terra collapse, did not slow down NFT thefts.