How do NFT thieves get away with heists in the millions (or even billions) of dollars, in plain sight? Crypto transactions happen on the public ledger, so finding the culprit should be simple. Despite this, NFT thieves are nearly impossible to catch. Part of the problem comes with the territory, since successful NFT scammers and thieves live on the cutting edge of the space. But there are deeper reasons for this than simply being familiar with the space — and examining the deeper story could help all of us better shield ourselves from future onslaughts. The most expensive NFT thefts targeted high-profile NFTs like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Moonbirds. The high prices and popularity of these NFTs have left many with crushing losses. The mechanics of pulling a heist are relatively straightforward. More often than not, a theft begins with a phishing attack and ends by mixing crypto and making a withdrawal. Trusted NFT marketplaces work hard to keep a high level of security and defend their customers against thieves. So far, they’ve mostly been able to keep hackers out. But thieves and hackers have successfully implemented other strategies via social media, emails, and fake websites.

Full story : NFT Theft: Here’s How the Dark Side of Web3 Gets Away With It.