NFT Collector Loses $2 Million After Their Collection Was Stolen

Image Credit: Yuga Labs

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

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

It has been speculated that Kramer’s NFTs were stolen after he fell victim to a phishing scam. OpenSea, the NFT marketplace, took action and prevented the items from being traded further, but it doesn’t appear that Kramer will be able to get his collection back. The advantage is that, unlike normal digital drawings and photographs, NFTs are similar to cryptocurrencies in that they exist on the blockchain and you can prove who the owner is.

This means that trying to sell a stolen NFT can be tricky, at least for 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 demonstrates the risks of participating in these largely unregulated markets.

Filed in general. Read more about Hack, Nft and Security. Fountain: elperiodicodelarte

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