More than $300,000 of the actor Seth Green’s NFTs (non-fungible tokens) were stolen in May 2022. He, unfortunately, fell prey to a phishing scam. The most prized possession was a Bored Ape NFT (#8398) which ended up costing Green $297,000 (in ETH) to reclaim ownership.
The lesson here is that if it feels phishy, it most definitely is. Unfortunately, whether in the traditional art market or the new digital one with NFTs, there are scammers and hackers. Fortunately, with blockchain technology, it’s not difficult to follow the money (crypto).
How did Green recover the stolen NFT? Green ended up having to pay $100,000 to safely return his NFT (which was after he had to tweet at @DarkWing84 AKA Mr. Cheese threatening legal action.
Aside from coughing up crypto, there is a simple solution to recover a stolen NFT. Keep reading to find out how.
How Are NFTs Stolen?
A lost or stolen NFT is usually the result of human error or social engineering by way of hackers, scammers, and bad actors.
As mentioned above with Green, a lot of NFT theft occurs with phishing attacks. If you’re unfamiliar with the term phishing, it simply means that a bad actor will message or e-mail you in an attempt to gain access/ownership of your crypto assets.
A scammer will claim to be from an NFT project, marketplace, or company, asking you to send them your recovery phrase. This recovery phrase, your private keys, is extremely important as anyone who has access to has access to your crypto, NFTs, etc.
Remember the mantra – not your keys, not your crypto (nacho keys, nacho cheese).
If you’ve been following the crypto news lately, you know how important it is to not leave your crypto on an exchange. This is because you DO NOT have access to your private keys.
And because that’s the case, the people behind the exchanges can do whatever they wish with your crypto. This includes locking your account, freezing withdrawals, and disappearing completely.
How to Recover a Stolen NFT
Now that you know the dangers of NFTs, let’s see what you can do if you need to recover a stolen NFT.
The easiest solution is to file a claim with Recover Crypto. When you do so, rest assured that your stolen or lost NFT is as good as found. You will be asked to fill out the form, including your full name, e-mail, phone number, cryptocurrency, the amount in said cryptocurrency, the amount in USD, and details about how the funds were stolen.
Aside from NFTs, Recover Crypto will investigate cryptocurrencies such as bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC), bitcoin cash (BCH), neo (NEO), and dash (DASH).
Once you follow the steps above, you will able to track a claim too to see its progress.
Contact Us for All Stolen NFT Solutions
We feel your pain when it comes to NFT theft. It is one of the worst experiences you can go through in the crypto space. This is especially true if you possess NFTs that are very valuable.
Thankfully, you now know how to better protect an NFT and how to recover a stolen NFT.
Don’t hesitate to file a claim with Recover Crypto today. We’re here for you.