Massive theft of a $2 million NFT collection

An NFT collector had his collection stolen, about $2 million lost.

Non-fungible tokens (NFTs) have been very popular for some time, especially when it comes to digital art collections. They are also highly speculative products, with some NFTs selling for the equivalent of several thousand, if not hundreds of thousands of dollars. Some collectors have already invested a lot and, unfortunately, have lost a lot.

NFT collector’s collection stolen

Indeed, New York art collector Todd Kramer saw his collection allegedly stolen due to a break-in. In a series of deleted tweets, Todd Kramer claims to have been hacked. As a result of this unfortunate situation, his NFT collection from Bored Ape Yacht Club and Mutant Ape Yacht Club was stolen. According to our man, it was valued at about $2 million.

About $2 million lost

Some claim that the collector’s NFTs were stolen after he fell victim to a phishing scam. OpenSea, the most popular NFT marketplace at the moment, has taken action to prevent future deals on these items, but it looks like Todd Kramer won’t be able to get his collection back. The advantage of NFTs over “classic”digital creations, whatever they may be, is that NFTs are very similar to cryptocurrencies. Since they exist on the blockchain, it is easy to prove who owns them.

This means, among other things, that trying to resell a stolen NFT is very difficult. At least for people who care about actual ownership of said NFT, of course. This does not mean that Todd Kramer will be able to return his collection, unfortunately, but this hack once again shows, if necessary, the risks of engaging in this kind of operation in largely unregulated markets.