- Crypto scams persist, causing substantial losses for victims.
- OpenSea and Blur have inadvertently become hubs for thieves.
- Hackers are capitalizing on stolen NFT before victims even realize their assets are gone.
Crypto scams continue to plague the industry, leading to significant losses for unaware users. In 2023 alone, malicious actors have successfully managed to pilfer over half a billion dollars from their victims.
Notably, much of their success wouldn’t be possible without platforms like OpenSea and Blur, which have unwittingly become hubs for thieves looking to offload.
Gone Before You Notice
OpenSea and Blur have been fiercely competing for dominance in the NFT market, offering zero fees, trading rewards, airdrops, and more this year. This intense rivalry has not only succeeded in rekindling interest in the NFT sector and reshaping its landscape but has also inadvertently enabled malicious actors to capitalize on stolen NFTs before the victims even realize their assets have been stolen.
According to a report from blockchain security firm PeckShield, hackers stole over $2 million worth of NFTs in June, marking the lowest monthly figure of the year. Shockingly, malicious actors could instantly sell half of those NFTs on various marketplaces within three hours. Notably, a staggering 99.7% of those sales occurred on just two platforms, with Blur accounting for 86% and OpenSea for 13.76%.
The allure of Blue and OpenSea lies in their unique yield systems and unmatched liquidity, making them prime targets for hackers seeking to offload their nefarious gains. However, amidst this concerning trend, it’s worth noting that NFTs thefts significantly decreased by over 80% compared to February, when malicious actors stole over $16.2 million worth of NFTs. This decline suggests that people are becoming more aware and taking better custody of their assets.
On the Flipside
- In February, CryptoSlam linked 80% of NFT Sales on Blur and 2% of NFT sales on OpenSea to wash trading.
Why This Matters
Although NFT thefts have been on a downtrend, OpenSea and Blur need to rethink their trader-friendly approach and address these issues as soon as possible to protect the integrity of the NFT market and maintain user trust.
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