Half of stolen NFTs are sold within 3 hours: Nifty Newsletter, June 28–July 4
In this week’s newsletter, read about how stolen nonfungible tokens (NFTs) are sold within three hours after being pinched, and check out AzukiDAO’s plans to take back $39 million worth of Ether (ETH) from the founder of the Azuki NFT collection. In other news, investors in Logan Paul’s NFT gaming project CryptoZoo are still waiting for promised refunds from the YouTuber, and don’t forget this week’s Nifty News, featuring blue-chip NFT collections dropping in prices and Swiss bank Credit Suisse releasing NFTs to support women’s soccer.
A report published by security company PeckShield highlighted that half of all stolen NFTs are sold within 160 minutes on platforms like OpenSea and Blur. According to the security firm, 86% of the stolen NFTs they flagged were sold on Blur, while around 13% were sold on OpenSea.
The report also shared figures on the value of stolen NFTs in June. According to the report, $2.27 million worth of NFTs were stolen in June, which is an 85% decrease compared with February 2023, when $16.2 million worth of NFTs were stolen.
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AzukiDAO — the decentralized autonomous organization (DAO) made up of holders of the popular NFT collection Azuki — has proposed to hire a lawyer and take legal action against the Azuki collection’s founder, known as Zagabond, for allegedly “rugging” several projects.
The DAO aims to claim the $39 million worth of ETH earned from the launch of Azuki’s Elementals NFT collection. According to AzukiDAO, any funds that will be retrieved from the lawsuit can benefit its entire Azuki community.
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Internet detective Coffeezilla once again called out popular YouTube celebrity Logan Paul over his controversial NFT gaming project, CryptoZoo.
Read more on cointelegraph.com
