Thank you
@ParaSpace_NFT being the first to reach out and engage with us. I believe you have the amazing opportunity to set an example for all the other groups that are engaging with stolen assets.
๐help us
@BoredApeYC @blur_io to
#StopServingScammers
As responsible and ethical individuals, it is essential to ensure that we uphold the highest standards of integrity and honesty in all our dealings. To this end, I urge you to program your contracts to reject any engagement with NFT's that have been marked as stolen or suspicious. By taking this simple yet crucial step, we can contribute to building a fair and trustworthy marketplace for all, where creativity and innovation can thrive without any risk of exploitation or wrongdoing. Let us all strive to do our part in creating a more just and equitable world for everyone.
โMan is not, by nature, deserving of all that he wants. When we think that we are automatically entitled to something, that is when we start walking all over others to get it.โ
- Criss Jami, Diotima, Battery
According to the Bored Ape Stats website, as of April 2023, 87 Bored Apes have been reported as stolen. The value of each stolen Bored Ape varies depending on the traits it possesses and the current market value. The highest-valued Bored Ape sold for 1,000 ETH (approximately $3 million USD), while some have been sold for as low as 1 ETH (approximately $3,000 USD). Based on the current market value, the total value of the stolen Bored Apes is estimated to be around $6.5 million USD.
In the real world, handling stolen goods is a criminal offense. Anyone who receives, possesses, or disposes of stolen property can be prosecuted. The severity of the offense depends on the value of the stolen goods, and those found guilty can face a fine or imprisonment. Furthermore, anyone who buys stolen goods, even if they are unaware of the theft, can lose their money and the property they purchased.
Handling stolen goods in the Web3 environment is a more complex issue. The decentralized nature of blockchain technology, which underlies most NFTs, makes it difficult to track and recover stolen property. Once a Bored Ape is stolen, it can be transferred to a new wallet address and resold on the market, making it almost impossible to recover.
However, some Web3 communities have implemented measures to combat the theft of NFTs. For example, the Bored Ape Yacht Club has a blacklist of wallet addresses that are known to be involved in NFT theft. If a stolen Bored Ape is identified, its wallet address is added to the blacklist, and it is banned from participating in the BAYC community. Additionally, some marketplaces, such as OpenSea, have implemented features that allow users to report suspected stolen NFTs, and they will investigate and remove them from the marketplace if they are confirmed to be stolen.
In conclusion, the theft of Bored Ape NFTs is a growing issue in the Web3 environment. While handling stolen goods is a criminal offense in the real world, it is more challenging to prevent and prosecute in the decentralized Web3 environment. However, some Web3 communities and marketplaces have implemented measures to combat NFT theft and ensure the safety of their users. As the popularity and value of NFTs continue to grow, it is essential to address this issue and develop new solutions to protect the property and rights of NFT owners.
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@DezBryant ๐น
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