NFT for money laundering? | Bitcointalksearch.org

tbterryboy

sr. member

Activity: 2016

Merit: 322

Quote from: asyakashi on March 12, 2022, 04:32:05 AM

No system is safe, your speculation can indeed happen. The better technology is created,
the more loopholes for crime to enter, moreover NFT is a new concept that is popular lately,
of course money launderers will think about how to launder their money in NFT and it is very difficult to avoid it.
So far I haven't found any security that exists in the NFT itself apart from the blockchain,
which means it's very easy for criminals to carry out their actions here. An example is Evolved Apes.

New technologies are created by people so people are also the one that can damage or destroys it but the better the technology is I think the better the security but maybe except in their early run because bugs and exploits can still be easily found during this phase but later on it will be improved.

It's not only NFT but all cryptos actually because they are all decentralized. You can transact here without the need of revealing your own identity and in case a KYC is required I think a true criminal can still bypass it by supplying fake id and fake details. NFTs are secure, just like a crypto because if they aren't, there will be no confidence with their investor.

gamer4156

sr. member

Activity: 1008

Merit: 250

The responsibility for run changes and who realize what occurred in foundation. There are individuals who do likewise as retail financial backers. With NFT, you can sell them on decentralized trades, martketplaces and make the hint of exchanges, cash become more troublesome.

asyakashi

sr. member

Activity: 1918

Merit: 256

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No system is safe, your speculation can indeed happen. The better technology is created,
the more loopholes for crime to enter, moreover NFT is a new concept that is popular lately,
of course money launderers will think about how to launder their money in NFT and it is very difficult to avoid it.
So far I haven't found any security that exists in the NFT itself apart from the blockchain,
which means it's very easy for criminals to carry out their actions here. An example is Evolved Apes.

killerfrost

sr. member

Activity: 1988

Merit: 254

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Quote from: bbc.reporter on March 12, 2022, 01:21:39 AM

how did we know that also flipping for quick profits was not people of the same group who were laundering their money througn opensea.io?

It's normal for these issues to play out in this space, as we always find ways to take advantage of what it creates. The story of money laundering through NFT is the same. It does happen, but that is only part of a research and development field. When it comes to something that is the main problem caused by user behavior, it is still a reciprocal relationship between creators and users.

bbc.reporter

legendary

Activity: 3010

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@magneto. Agreed that NFTs are also speculative investments very much similar to cryptocoins. However, how did we know that also flipping for quick profits was not people of the same group who were laundering their money througn opensea.io? It might be harder to separate the 2 in reality, I reckon.

magneto

hero member

Activity: 1666

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I think that there are two layers to it.

Most people in NFTs are generally just there for the quick profits and flipping worthless JPEGs for money. That doesn't count as money laundering per se but highly speculative and useless activity in my books.

Then, there is a small portion of people who are hardcore users that use NFTs to launder money. Coffeezilla has done a good coverage on this. There is significant wash trading going on virtually everywhere by these users to prop up the value of their NFTs, and you need to be vigilant to look out for it.

bbc.reporter

legendary

Activity: 3010

Merit: 1460

Bored apes yacht club owners are being forced to submit documents for KYC according to some users of opensea.io who shared this screenshot in social media. I reckon that BAYC founders themselves might be speculating that strict regulations are coming for NFTs and the NFT market or they are trying to protect their art pieces from being used for moneylaundering and tax evasion. This might be published on cryptonews websites within 1 week.

jossiel

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Quote from: kojektea on February 17, 2022, 02:52:35 AM

NFT can indeed be an easy target for criminals because it is very easy to carry out money laundering practices with NFT. However, I don't think this will last long, the government should immediately prepare regulations for NFT because technology is being adopted very quickly.

The criminals don't have to target NFTS.

But they're the ones that are going to buy those artworks in NFT because they can hide their wealth. And later on, they'll also sell it and for sure there's a taker for it.

Well, they've just cleaned their money and laundered it and that's the concern with expensive NFTS.

kojektea

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Activity: 2296

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NFT can indeed be an easy target for criminals because it is very easy to carry out money laundering practices with NFT. However, I don't think this will last long, the government should immediately prepare regulations for NFT because technology is being adopted very quickly.

Pejoh Asu

sr. member

Activity: 1484

Merit: 254

When there is a financial trend such as Defi, NFT or Metaverse then haters will say it is a place for money laundering, I'm sure investors who enter NFT are not aiming for money laundering because usually people who get finance with crime will not want to invest in cryptocurrencies including NFT which is very risky.

bbc.reporter

legendary

Activity: 3010

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Quote from: coinsycrip09 on February 13, 2022, 08:52:55 AM

Quote from: Ngewex Yuk on February 13, 2022, 06:21:53 AM

This we usually hear, when there is a market skyrocketing, many people accuse money laundering, I have often heard negative campaigns even when the price of Bitcoin skyrocketed in 2013 and many people accused Bitcoin used for money laundering, now the accusations are on NFT and them Can only accuse without being able to prove.

yup! it's a common thing in crypto.
this is not the first time this has happened, it happens often and is likely to happen again in the future. as usual, if crypto brings in a new project and skyrockets, there will be a lot of negative news here and there.

so we don't have to swallow all the news that is popping up or being hotly discussed.
need to dig deeper to find out the truth.

However, telling everyone that there is no moneylaundering happening in the cryptospace through bitcoin, anonymous coins, stablecoins, NFTs, in anything inside the cryptospace is certainly a denial of reality. Does the cryptospace not make it easier to move funds across the world? Does the cryptospace not make it easier to be anonymous? Does the cryptospace not have the tools for everyone to use to have more privacy? I shake my head if your intuition tells you that there is no moneylaundering happening in here.

OrangeII

hero member

Activity: 2072

Merit: 503

Quote from: Benefactor on February 12, 2022, 11:47:10 AM

Crooks can now make a poo workmanship and offer it for millions to a pre-characterized purchaser through cryptos. Dark cash becomes white for the vender and cash is moved for the purchaser. I think later on this technique will be less well known than now in view of such organizations.

in any case, money laundering will always exist, and always look for loopholes in every existing business. well, when it comes to money laundering, it doesn't only happen to NFT, but also in the real world there are many ways to do that, even with a mixer it's already hard to track down. however, if we look at it from the negative side, there will always be gaps in every technology. however, I hope things like this can be prevented, or the risk is reduced.

Shussainshah

jr. member

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That my opinion NFT is probably scam . people are selling THEIR own NFT to the multiple seller account . and they inflate the price of their NFT . so in my eye this is fully scam and i am worried for that people who are heavily involve in the NFT field and they destroy that market . SO I NEVER SUGGEST TO ANY NEWBIE TO GO TO THE NFT MARKET BEACUSE ITS TOO MUCH VOLATILE

Ziskinberg

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Quote from: ?? on ??

The skyrocketing NFT trend is certainly good for the market, unfortunately, there will be a lot of accusations from haters who think that NFT is for money laundering, I think this is too much because there are many things that money laundering actors usually do instead of NFT, and the common thing is to store in a bank that fully guarantees consumer data.

Apparently, the use of NFT for laundering can certainly be possible as these evil people like them will find a way to move their money illegally, and the use of cryptocurrencies, these NFTs has no escape. But I don't weigh that much as the demand of NFT at this time is very small that probably this money launderers don't use them but instead they use other forms of currencies like fiat and might be Bitcoin as well.
However, we can't make prove it unless there is someone could verify this event. As until there is no such thing, this remain false accussation and can be not true.

SweetMochi24

newbie

Activity: 72

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NFT is a virtual asset whose value is not guaranteed and is not backed by anything. They have historical value, real artistic value, uniqueness, and exclusivity when compared to works of art. Real works of art, on the other hand, are almost always expected to increase in value and liquidity year after year. NFT is still more difficult. Anyway, Take also a look at DAO maker, I just managed to join their best sales on the launchpad that had the highest ROI in 2021. Going back, these are just some one-of-a-kind intangible assets with a fictitious value and no real collateral. I would not risk laundering money by purchasing such assets. It's just my opinion.

rojan

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Activity: 1414

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The fact that the advancement of technology here has actually opened the door for crime is certainly one of them. There has been no news of money laundering so far. I just hope that the cryptocurrencies are illegally in some countries.
It seems that cryptocurrency will gradually be legalized in all countries and will take place in all countries of the world.

judaspriest

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C O M B O

Quote from: Ngewex Yuk on February 13, 2022, 06:21:53 AM

This we usually hear, when there is a market skyrocketing, many people accuse money laundering, I have often heard negative campaigns even when the price of Bitcoin skyrocketed in 2013 and many people accused Bitcoin used for money laundering, now the accusations are on NFT and them Can only accuse without being able to prove.

Just listen to accusations like that as long as they don't have any evidence don't need to be taken seriously,
accusing without evidence I think it's the same as suicide,
The most important thing is to just follow the news and developments for the future

Daodex

member

Activity: 252

Merit: 12

NFT is the perfect haven for money laundering, drug money and other illegal money can be used to our purchase NFT just for storing funds and avoiding detection from the law and government, as for those comparing NFT with bitcoin they aren't the same when it comes to making money to vanish off the face of the earth.

coinsycrip09

full member

Activity: 910

Merit: 100

Quote from: Ngewex Yuk on February 13, 2022, 06:21:53 AM

This we usually hear, when there is a market skyrocketing, many people accuse money laundering, I have often heard negative campaigns even when the price of Bitcoin skyrocketed in 2013 and many people accused Bitcoin used for money laundering, now the accusations are on NFT and them Can only accuse without being able to prove.

yup! it's a common thing in crypto.
this is not the first time this has happened, it happens often and is likely to happen again in the future. as usual, if crypto brings in a new project and skyrockets, there will be a lot of negative news here and there.

so we don't have to swallow all the news that is popping up or being hotly discussed.
need to dig deeper to find out the truth.

Ngewex Yuk

sr. member

Activity: 1190

Merit: 250

This we usually hear, when there is a market skyrocketing, many people accuse money laundering, I have often heard negative campaigns even when the price of Bitcoin skyrocketed in 2013 and many people accused Bitcoin used for money laundering, now the accusations are on NFT and them Can only accuse without being able to prove.

Topic: NFT for money laundering? (Read 800 times)