NFTs are blockchain-based assets that represent digital files such as images, video or text.
The market surged in 2021 as crypto-rich speculators spent billions of dollars on the assets, hoping to profit as prices rose. But since cryptocurrency prices crashed in May and June this year, NFT prices and sales volumes have plunged.
Scams remain rife in the NFT market even as it declines, with July seeing the highest number of NFTs reported stolen on record, London-based Elliptic said in a report.
Security compromises via social media have surged, accounting for 23% of NFT thefts in 2022, it said.
Thieves received on averaged $300,000 per scam, Elliptic said. The true scale of NFT thefts is likely to be even higher, given that not all crimes are publicly reported, it added.
Hacks and scams have long plagued the crypto industry, while regulators around the world are increasingly concerned about the use of crypto assets in cyber crime.
Elliptic put the amount of money-laundering in...
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