Traders are selling themselves their own NFTs to drive up prices
on Wall Street, and has been illegal for nearly a century. But the vast, unregulated NFT marketplace has shown to be a golden opportunity for scammers.
The report tracked instances of the same traders selling the same NFTs back and forth at least 25 times, a likely incident of wash trading. It identified a group of 110 alleged NFT wash traders who have made roughly $8.9 million in profit from this practice. Researchers also discovered significant evidence of money laundering in the NFT marketplace in the last half of 2021.
“NFT wash trading exists in a murky legal area. While wash trading is prohibited in conventional securities and futures, wash trading involving NFTs has yet to be the subject of an enforcement action,” wrote the
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