On Sunday, hackers infiltrated popular logging platform Premint NFT and took 320 stolen NFTs and more than $400,000 in profits in one of the largest hacks of its kind this year. Sunday hacking attack on Premint, a popular NFT recording platform, resulted in the theft of 320 NFTs and over $400,000 in profits from the Sunday hacking attack on Premint. This hack is just the latest scam in the NFT market that generated $25 billion in sales last year. Since then, Premint began accumulating information about all the NFTs stolen by the attackers. The company declined to respond to a transcript of the report.

NFT registration platform Premint reached out to Twitter to acknowledge the incident and added that it would “continue to gather information and update the NFT community with information” as soon as it receives it. Premint asked Twitter to apologise for Sunday’s Premint hack and assured users that most performances were unaffected.

Popular NFT platform Premint confirmed the hack and said only a “relatively small number of users” were victims, adding that Etherscan identified four wallets associated with the attack. Others complained about the loss of their digital assets and asked if the popular NFT registration platform Premint would return the stolen 320 NFTs to these accounts. Others complained about the lack of digital assets and asked PREMINT to refund the value of stolen NFTs in these accounts.

After securing 320 stolen NFTs, hackers began rolling them out on marketplaces like OpenSea; the stolen Bored Ape was sold for 89 ETH, or roughly $132,000. The stolen NFTs included NFTs from the famous Bored Ape Yacht Club (Otherside), Moonbirds Oddities, and Goblin-town collections. Over the weekend, hackers could cash out everything they stole, including 275 ETH, or just over $400,000, by selling all 320 stolen NFTs.

Hacks and frauds have begun to emerge in the young market as NFTs seek to attract more consumers.  Money laundering and wash dealing are the two most common NFT-related crimes, according to blockchain analytics firm Chainalysis. However, the quantities involved are minimal, with Chainalysis forecasting that such illegal operations will earn illicit revenues of US$10 million in 2021. However, NFT buyers and collectors must use caution.  Hackers used a bug flaw in the OpenSea NFT marketplace in January 2022 to acquire high-value NFTs from consumers at much below market pricing. Elliptic, a blockchain AML analytics startup, discovered that at least five hackers used the bug flaw to purchase at least 12 NFTs.

The NFT business is no new to the challenges of intellectual property infringement. According to a tweet from OpenSea, more than 80% of the things made using their free minting tool were copied works, phoney collections, or spam.