NFT Collector Loses  Million After Collection Stolen

NFT Collector Loses $2 Million After Collection Stolen

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

Non-fungible tokens (NFT) have been very popular for some time, especially when it comes to digital art collections. These are also extremely speculative products, with some NFTs selling for the equivalent of several thousand or even hundreds of thousands of dollars. Some collectors have already invested a lot, and unfortunately also lost a lot.

NFT collector has his collection stolen

Indeed, New York-based art collector Todd Kramer saw his collection allegedly stolen due to hacking. In a series of tweets now deleted, Todd Kramer claims to have been hacked.

As a result of this sad situation, his collection of NFTs from the Bored Ape Yacht Club and the Mutant Ape Yacht Club was stolen. According to our man, it was estimated at around $ 2 million.

About $ 2 million lost

Some have argued that the collector’s NFTs were stolen after being phished. OpenSea, the most popular NFT marketplace at the moment, has implemented measures to prevent future trades on these items, but it seems that Todd Kramer will not be able to recover his collection.

The advantage with NFTs over “classic” digital creations, whatever they are, is that NFTs are very similar to cryptocurrencies. Since they exist in the blockchain, it is easy to prove who they belong to.

This means, among other things, that trying to resell a stolen NFT is very difficult. At least for the people who care about having real ownership of said NFT, of course.

This does not mean that Todd Kramer will be able to recover his collection, unfortunately, but this hack shows once again, if necessary, the risks of taking part in these kinds of operations in largely unregulated markets.

Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.