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<p class="is-style-lead">The volume of NFT theft decreased significantly in July — a 20% fall compared to June.</p> 
<p>According to the PeckShield <a href="https://twitter.com/PeckShieldAlert/status/1688188213322743808?s=20" target="_blank" rel="noopener noreferrer nofollow">study</a>, a blockchain security company, July saw $1.73 million worth of stolen NFTs — a 20% drop compared to June’s $2.27 million, and a 89% drop from a record-breaking $16.2 million in February.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> In July 2023, ~$1.73M worth of <a href="https://twitter.com/hashtag/NFTs?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#NFTs</a> were stolen, marking a 31% decrease compared to the previous month. Within a span of 165 minutes, half of the stolen NFTs were promptly sold on various marketplaces. The percentage of stolen NFTs initially sold on <a href="https://twitter.com/blur_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@blur_io</a>… <a href="https://t.co/cknsefpfwe" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/cknsefpfwe</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1688188213322743808?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 6, 2023</a> 
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>PeckShield’s research focused on the monetary value of stolen NFTs and shed light on the hackers’ quick turnaround. </p> 
<p>Within a mere 165 minutes, half of the stolen NFTs were sold on various marketplaces. The report highlighted the platforms used for these transactions, with Blur marketplace leading the way at 67.3% of stolen NFTs initially sold, followed by OpenSea at 19.63%.</p> 
<h2 class="wp-block-heading" id="nft-hype-fading">NFT hype fading </h2> 
<p>The drop in NFT thefts could be partly attributed to the decline in NFT sales over the past months, including July. </p> 
<p>DappRadar <a href="https://dappradar.com/blog/the-nft-market-slump-an-emerging-trend-or-a-temporary-dip" target="_blank" rel="noopener noreferrer nofollow">reported</a> that the NFT market volume and revenues fell by 29% and 23% monthly, respectively. Major collections like Bored Ape Yacht Club and Azuki witnessed their lowest floor prices in almost two years, indicating a struggling market.</p> 
<p> You might also like: <a href="https://crypto.news/scammers-hack-twitter-portal-using-stolen-italian-government-emails/" rel="noopener noreferrer nofollow"> Scammers hack Twitter portal using stolen Italian government emails </a> </p> 
<p>The plummeting sales figures indicate a significant shift in the NFT landscape. Trading volumes dropped from $1.1 billion in January to $600 million in July, marking the third consecutive month with trading volume below $1 billion.&nbsp;</p> 
<p>Blur, a popular market place has seen a 32% decrease in transactions and 44% in volume from the previous month, as OpenSea’s transactions also dropped by 25% within the same period, according to <a href="https://dappradar.com/dapp/opensea?range-ds=30d" target="_blank" rel="noopener noreferrer nofollow">stats</a> by DappRadar as of press time. </p> 
<p>However, some positive trends emerged, notably the increased trading activity on the Polygon network, which accounted for 27% of all deals in July.</p> 
<p>The NFT community also faced growing concerns over financial fraud and theft. The FBI <a href="https://crypto.news/fbi-warns-of-fraudsters-posing-as-nft-developers-to-steal-crypto/" rel="noopener noreferrer nofollow">issued a warning</a> after witnessing an alarming rise in fraudulent activities targeting NFT enthusiasts. Cybercriminals were found to impersonate authorized NFT developers to defraud unsuspecting consumers.</p> 
<p class="is-style-lead">Note from crypto.news: the PeckShield study says that the decrease from June to July was 31%, but we believe the percentage was calculated wrong.</p> 
<p> Read more: <a href="https://crypto.news/scammers-hack-twitter-portal-using-stolen-italian-government-emails/" rel="noopener noreferrer nofollow"> Hacker steals 4 MAYC NFTs using less than $15 </a> </p>

NFT theft decreased 20% in July: report

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