Global regulators issued a new warning of the growing risks of money laundering and fraud in NFTs.
The J5 advisory details specific warning signs of fraud and money laundering in NFT marketplaces, aiming to give tips to banks, other companies and law enforcement for spotting bad behavior. Will Day, the head of J5 and deputy commissioner of the Australia Taxation Office, said it will be “the first of many” documents that J5 will publish to fight tax crime and money laundering in digital assets.
Low-value NFTs being bought and sold quickly could also be a symptom of illicit activity. The J5 document even calls out transactions of NBA Top Shot, the basketball video NFTs that gained popularity last year but have since lost most of their value. “On Top Shots with the NBA you see a lot of low value NFTs being bought in the same day with owners only holding their position for minutes. This could be a way to wash funds.”in February that concerns about money laundering in NFTs are legitimate.
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