Author: Corin Faife
Illustration by Alex Castro / The Verge
Money laundering through the buying and selling of NFTs is a small but growing sector of criminal activity, according to a Chainalysis report released Wednesday.
The report found a small but growing portion of activity on NFT marketplaces that could be attributed to money laundering, which quantified this amount by tracking value sent to NFT marketplaces from cryptocurrency addresses known to be associated with scams, theft, malware operators, and accounts under legal sanctions. In total the amount tracked was small — around $1.4 million in Q4 2021 — but had grown significantly from the beginning of the year.
“All of this activity represents a drop in the bucket compared to the $8.6 billion worth of cryptocurrency-based money...
Continue reading…
Continue reading...
Illustration by Alex Castro / The Verge
Money laundering through the buying and selling of NFTs is a small but growing sector of criminal activity, according to a Chainalysis report released Wednesday.
The report found a small but growing portion of activity on NFT marketplaces that could be attributed to money laundering, which quantified this amount by tracking value sent to NFT marketplaces from cryptocurrency addresses known to be associated with scams, theft, malware operators, and accounts under legal sanctions. In total the amount tracked was small — around $1.4 million in Q4 2021 — but had grown significantly from the beginning of the year.
“All of this activity represents a drop in the bucket compared to the $8.6 billion worth of cryptocurrency-based money...
Continue reading…
Continue reading...