In 2020 and 2021, NFT or Non-Fungible Token is the most traded digital asset with a high price tag and value. During that period, many interested individuals and many global companies and brands have also started investing their money towards the development of NFT infrastructure and content.
Although the two years saw the value of NFTs increase dramatically, in the middle of this year the value for the crypto assets was seen to plummet when the value of the cryptocurrency itself was seen to rise and fall at a somewhat erratic rate.
Not only that, there have been many reports throughout the year that say that many cryptocurrencies and NFTs are being stolen from owners and until now there is no way for them to get it back. It is reported that by July 2022, the total number of reported NFT theft cases will be 4647 cases this year.
Elliptic, a blockchain research company has recently issued a report saying that NFTs worth $100 million or RM450 million have been stolen this year through blockchain security vulnerabilities or fraud.
Fraudulent techniques are one of the main ways to steal NFTs, with Elliptical saying that 23 percent of NFT theft cases this year were initiated through compromises and vulnerabilities from social media platforms.
In the meantime, there are also some NFT trading platforms that have been used as money laundering platforms since 2017 due to the absence of law enforcement because at that time, this was still an industry that was not widely known.