Mistake or money laundering? User pays $1.6 million for CrypToadz NFT

0

[ad_1]

One of the CrypToadz nonfungible tokens (NFTs), whose average price doesn’t exceed $1,000, was bought for an astonishing 1,055 Wrapped Ethereum (wETH), an equivalent of $1.6 million.

The deal occurred on the OpenSea market on Oct. 9. The NFT represents “a small, warty, amphibious creature,” one of the 6,969 units minted by the pseudonymous digital artist Gremplin. The CrypToadz collection was launched during the NFT boom of 2021 and surpassed a trading volume of 12,000 Ether (ETH) ($38 million) during its first 10 days on the market.

However, the price paid by the anonymous user for the NFT raised questions among the community. Two weeks ago, this item was acquired for 0.95 ETH (around $1,600), only to be sold for a price a thousand times higher.

Related: North Korean Lazarus Group amasses over $40M in Bitcoin, data reveals

Moreover, the purchase was funded from a digital wallet, which has been a part of the chain of transactions, anonymized by the Ethereum coin mixing service Tornado Cash. The new owner of the CrypToadz NFT received 1,115.9 ETH ($1.6 million) on Oct. 5.

Although some X (Twitter) users preferred to qualify the weird purchase as a “fat finger mistake” during the transaction, it could be an example of wash trading, a tactic to withdraw funds of suspicious origin through a long chain of deals and exchanges.

Tornado Cash is famous for its popularity among scammers seeking to wash their funds. In August 2023, the United States Office of Foreign Assets Control (OFAC) even announced sanctions against the crypto mixer for its alleged role in laundering crime proceeds. However, these sanctions couldn’t completely cut off the mixer’s usage.

For example, in July 2023, almost $60 million in Ether, stolen from the AnubisDAO two years earlier, was moved via Tornado Cash. The person possessing the 13,556 ETH divided and transferred the funds into 100 ETH transactions.

Magazine: The truth behind Cuba’s Bitcoin revolution: An on-the-ground report



[ad_2]

Source link

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 77,813.00
ethereum
Ethereum (ETH) $ 2,262.11
tether
Tether (USDT) $ 0.999187
bnb
BNB (BNB) $ 707.35
xrp
XRP (XRP) $ 1.25
usd-coin
USDC (USDC) $ 0.999911
solana
Solana (SOL) $ 94.25
tron
TRON (TRX) $ 0.312858
staked-ether
Lido Staked Ether (STETH) $ 2,265.05
figure-heloc
Figure Heloc (FIGR_HELOC) $ 1.08
hyperliquid
Hyperliquid (HYPE) $ 87.22
zcash
Zcash (ZEC) $ 1,226.23
dogecoin
Dogecoin (DOGE) $ 0.075217
monero
Monero (XMR) $ 596.76
usds
USDS (USDS) $ 1.00
whitebit
WhiteBIT Coin (WBT) $ 74.70
wrapped-steth
Wrapped stETH (WSTETH) $ 2,779.67
chainlink
Chainlink (LINK) $ 11.37
leo-token
LEO Token (LEO) $ 9.37
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,243.00
cardano
Cardano (ADA) $ 0.191856
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998762
stellar
Stellar (XLM) $ 0.167314
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 2,466.93
bitcoin-cash
Bitcoin Cash (BCH) $ 282.04
near
NEAR Protocol (NEAR) $ 4.27
rain
Rain (RAIN) $ 0.006647
wrapped-eeth
Wrapped eETH (WEETH) $ 2,465.31
dai
Dai (DAI) $ 1.00
susds
sUSDS (SUSDS) $ 1.08
ethena-usde
Ethena USDe (USDE) $ 0.998634
uniswap
Uniswap (UNI) $ 7.14
litecoin
Litecoin (LTC) $ 55.46
canton-network
Canton (CC) $ 0.097443
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 76,366.00
usd1-wlfi
USD1 (USD1) $ 0.998165
avalanche-2
Avalanche (AVAX) $ 8.66
blockchain-usd
Blockchain USD (USDB) $ 0.932324
sui
Sui (SUI) $ 0.893389
weth
WETH (WETH) $ 2,268.37
the-open-network
Gram (prev. Toncoin) (GRAM) $ 1.22
hedera-hashgraph
Hedera (HBAR) $ 0.071234
tether-gold
Tether Gold (XAUT) $ 3,871.97
usdt0
USDT0 (USDT0) $ 0.998824
global-dollar
Global Dollar (USDG) $ 1.00
quant-network
Quant (QNT) $ 199.54
paypal-usd
PayPal USD (PYUSD) $ 0.999975
shiba-inu
Shiba Inu (SHIB) $ 0.000005
bittensor
Bittensor (TAO) $ 232.57
crypto-com-chain
Cronos (CRO) $ 0.051069
Shares