NFT Collector Loses $2 Million After Their Collection Was Stolen

NFT Collector Loses $2 Million After Their Collection Was Stolen

January 12, 2022 Off By editor

Image credit – Yuga Labs

NFTs are all the rage these days when it comes to digital art collection. They are also highly speculative with many NFT pieces being priced in the thousands, if not hundreds of thousands of dollars.

Unfortunately for New York-based art collector and gallerist, Todd Kramer, it seems that his collection has been stolen in an apparent hack. In a series of deleted tweets, Kramer claims that he was hacked and as a result, his collection of NFTs from the Bored Ape Yacht Club and Mutant Ape Yacht Club have been stolen, which is said to be worth around $2 million.

It has been speculated that Kramer’s NFTs were stolen after falling victim to a phishing scam. OpenSea, the NFT marketplace, took action and prevented further trading on the items, but it does not seem that Kramer will be able to get his collection back. The upside is that unlike regular digital drawings and photographs, NFTs are similar to cryptocurrency in which they exist on the blockchain and can be proven who owns it.

This means that trying to sell a stolen NFT might be tricky, at least to people who care about having proper ownership over them. This doesn’t mean that Kramer will be able to get his collection back, but if anything, it does demonstrate the risks of participating in these largely unregulated markets.

NFT Collector Loses $2 Million After Their Collection Was Stolen

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Original source: https://www.ubergizmo.com/2022/01/nft-collector-loses-2-million-hack/?utm_source=mainrss