New research from chainalysis suggests NFT wash trading is picking up steam, but most people doing it are actually losing more money than they’re making. cheyenneligon reports
) platforms to make money. But criminals looking to NFTs to strike it rich might find it a tougher nut to crack than expected.
“It's not a very good idea to get into crime in NFTs because it's expensive,” said Kim Grauer, Chainalysis’ head of research. “It's hard to guarantee you'll be profitable if you wash trade, and if you want to use [NFTs] to launder money, we can trace it, and you will be able to see who's in possession of the NFT. There's things that make the NFT space unattractive for crime.
Wash trading – the practice of buying and selling the same asset to create artificially high trading volume and manipulate the asset’s price – has become common on NFT marketplaces likeChainalysis found 262 NFT traders who had sold an NFT to a self-financed address over 25 times, which is Chainalysis’ threshold for when NFT sales are more likely to be wash trading than not.
Money laundering through NFT marketplaces also picked up steam in 2021, with a collective $2.4 million sent from wallet addresses connected to illicit activity by Chainalysis. However, this was only a tiny fraction of the total $8.6 billion in crypto-based money laundering Chainalysis tracked last year.DISCLOSURE
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