NFTs are all the rage these days when it comes to digital art collections. They are also highly speculative as many NFT pieces cost thousands if not hundreds of thousands of dollars.
Unfortunately for New York art collector and gallery owner Todd Kramer, it appears that his collection was stolen by an obvious hack. In a series of deleted tweets, Kramer claims he was hacked and as a result his collection of NFTs was stolen from the Bored Ape Yacht Club and the Mutant Ape Yacht Club, which is believed to be valued at around $ 2 million.
It has been speculated that Kramer’s NFTs were stolen after falling victim to a phishing scam. OpenSea, the NFT marketplace, has taken action and prevented further trading in the items, but it doesn’t appear that Kramer will be getting his collection back. The advantage is that, unlike normal digital drawings and photos, NFTs are similar to cryptocurrencies, in which they exist on the blockchain and it can be proven who owns them.
This means that trying to sell a stolen NFT can be difficult, at least for people who care about proper ownership of them. That doesn’t mean that Kramer will get his collection back, but rather it shows the risks of participating in these largely unregulated markets.
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