'Are NFTs Used in Money Laundering Schemes?' nfts blockchain
There’s a lot of buzz around non-fungible tokens , especially in the last year and even recently. Hundreds of — maybe thousands — projects and marketplaces are initiated across the world every new day. Even though Ethereum remains the major blockchain network for minting NFTs, new blockchains are popping up for the same purposeNFTs are essentially a type of digital artwork that can be purchased and sold on blockchain technology.
Also, the value of an NFT is subjective: its price is mainly determined by how much a potential buyer is offering. Popular examples of valuable NFTs are The Pixel, an NFT created by an artist known as ‘Pax’, sold at almost $1.3 million dollars at a Sotheby’s auction in April 2021. It’s simply a plain grey box! Similarly, Twitter co-founder Jack Dorsey’s first-ever tweet was sold as an NFT for over $2.9 million.
Essentially, since users are relatively unknown on the blockchain technology, they could disguise and simply acquire digital assets in a bid to “clean” stolen funds, and go unnoticed and obscure from law enforcement.
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