Here is a quick summary of some of the key findings of the latest #NFTs and Financial Crime Report compiled by Elliptic for the period of July 2021 to July 2022.
Ethereum inflow into the market
The inflow of Eth into NFT marketplaces was in the $bn’s since Q3 2021 to Q2 2022.
This was in correlation with the height of the bull run and a drastic increase from the previous months.
Here is a breakdown
Key NFT scam stats part 1
🔹During July 2021 to July 2022 NFT scam theft value peaked in May 2022 at $23.9m for the month.
🔹July 2022 saw 4600 NFTS stolen – record number for a month
🔹Most valuable NFT stolen was CryptoPunk #4324 in Nov 2021 worth $490k
Key NFT scam stats part 2
A total value of $69.5m lost in NFTs between July 2021 to July 2022
Here is a breakdown on the losses based on scam type
Laundering of Proceeds of stolen NFTs
🔹Out of $67.1m in Eth from 323 scammer wallets 52% or $35.2m was laundered through Tornado Cash
🔹$15.1m was laundered through crypto exchanges or NFT marketplaces
Here is a breakdown of how the funds were laundered in detail:
Rug Pulls
While most rug pulls make only thousands, there were some sizable rug pulls in the millions during this period.
Here is a non-exhaustive list of some of the biggest rug pulls in terms of volume
Rug Pull Laundering Sample
Rug pulls have demonstrated the use of different laundering methods however CEX's are the favourite method for rug pull laundering.
Here is a breakdown of six rug pull scammer addresses traced on Ethereum
You can download the full report here:
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