NFT Money Laundering

 NFT Money Laundering

    The NFT space is so new that everyday I find out new information about the space. Earlier this semester I went over what an NFT is. Today I am going to go over on some ways that people around the world are taking advantage of this technology to wash their money. In my previous post I talked about an online gambling company called Roobet. The beautiful thing about crypto and blockchain is that every single transaction can be viewed by anyone around the world and if you are able to find out someones wallet address you can literally see every transaction that person or company has done. There are technologies being developed right now to avoid this but at the moment it is all online for anyone to view. 

    I am sure you have heard online about NFTs selling for thousands if not millions of dollars. I always wondered to myself why would anyone buy a piece of code for so much? I understand sentimental value but to me those numbers just didn't make sense. I decided to do some research and came across some developers online who were just as interested in this subject as I am. Since these NFTs are put for resale online you can look at the transaction history of these NFTs. These NFTs were traced back to the Roobet gambling company I talked about in my previous post. The owners of that company cant just bring their profits into the US to spend because they were made illegally offshore. So what they do is they purchase NFTs with their legitimate money and then 'resale' them to themselves and now have clean money. That is why there are some NFTs that are selling for millions of dollars online.

    I still believe in the future of NFTs but since we are so new there are many people out there who are trying to take advantage and ruin it for everyone else. This is information that I am sure the government and FBI are already aware of and its only a matter of time before you see this on the news. I am not sure how these companies believe they can get away with this especially when they know how blockchain technology works. Blockchain is literally an online ledger where every transaction is recorded. 

Comments

  1. EricaJanuary 5, 2022 at 10:23 AM

    Sergio,

    Nice work this semester. Hope the break leaves you rested and ready for another semester.
    Best,
    Erica

    ReplyDelete

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