Thursday, June 20, 2024

BAYC and MAYC NFTs worth over $18.5 million stolen.

About 130 Bored Ape Yacht Club (BAYC) and 268 Mutant Ape Yacht Club (MAYC) NFTs worth over $18.5 million have been marked as “reported for suspicious activity” on OpenSea. This means that previous owners of these NFTs have contacted the marketplace and identified them as “stolen”.

However, this list doesn’t include the 153 Azuki NFTs that have been frozen, the 202 stolen CloneX, or the 70 Moonbirds. Experts say that these tokens would add up to another $6.9 million of stolen NFTs if sold at current floor prices. As such, over $25.4 million of non-fungible tokens have been marked stolen.

It should be noted that while many NFTs are considered stolen as per their former owners, these owners themselves in most cases authorized the transaction without realizing it. This can be attributed to phishing scams via email, Discord, or Twitter. OpenSea has the policy to disable allegedly stolen NFTs from being traded on its platform. However, a trader – known as Franklin – pointed out that OpenSea’s reach only goes so far. It may be possible to the locked NFTs on other NFT marketplaces, such as LooksRare.

Other traders like Jameson, the holder of Moonbirds NFT, argued that OpenSea’s policy for stolen tokens is flawed and too centralized. They highlighted that the renowned marketplace has sweeping power to freeze what are ultimately supposed to be decentralized blockchain assets. Blake Petersen, the Twilio software engineer, believes the problem could also be applied to all of Web3. He said Web3 is bagging a centralized API to let users get indexed so they can present an authenticated PFP on a stupid social media app.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular