NFT for money laundering?

[laredo7mm]

I have speculated that NFT will be the next part of the cryptospace where much of the money laundering and tax evasion might occur. Why is this? This is because NFT is art and much of the art world is unregulated.

However, the lawmakers are beginning to crackdown on the art market. I reckon for the first time in the cryptospace, the government might be there ready, waiting in advance and backed with regulations hehehe.



This year, the treasury department is expected to complete a study on whether there is evidence of money laundering in the broader art market. The Senate banking committee will then use the findings to determine whether the same anti-money laundering provisions applied to antiquities dealers should apply to all art dealers.

According to one art law attorney, the outcome of that study is “a foregone conclusion: an alliance of government regulators, class-conscious legislators, and art market critics will seize upon the opportunity to convince the Biden cabinet to regulate the art business,” says Michael McCullough of the New York firm Pearlstein and McCullough.

Read in full https://news.artnet.com/art-world/what-will-stricter-us-oversight-of-the-antiquities-trade-look-like-1935081

To be honest I think NFT is like the most expensive caviar for some special class people. Most of the NFT doesn't have any use case except using your profile picture. People are buying some jpg files with millions of dollars and many people are unaware of the fake price of those NFTs. People should understand that collector's item is not meant for everyone and it takes time to find the right man who will buy your item for the actual value.

[BigBos]

This picture explains the pricing standards of today’s NFT hehehe.



Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

LOL, this is a complete manipulation, or even a scam. well, if it's like this, we just need to be a careful buyer.
well, we didn't know that it was money laundering. we are only guessing from the current state. however, if we think about it, NFT art can indeed be used for money laundering, except for a few. Many people think that how can things that you can easily make in the real world, can cost tens or hundreds of dollars on the internet. well, however, some of the people making NFT are also currently benefiting from it.

[timerland]

In fact, NFT is not used to launder money, but it can be said that NFT is a golden opportunity for those who want to launder money. Reason:
NFT uses blockchain technology. So it increases the difficulty in tracing the identity of the person who wants to launder money.
NFTs dealing with “artistic” topics are overvalued. Because simply, it is "art", but "art" does not have any pricing standards. If you argue, just say "I find it beautiful and valuable!". So it can cost anything, meaning the money launderer can launder as much as he wants.
NFT is inflated in terms of technology value. And in that wave of FOMO, multi-million dollar to tens of million dollar transactions are “normal”. Since then, these "normal" transactions have become "mirrors" in the media. But no longer under the suspicion of the public.
NFT has not yet received adequate attention from regulators. Rather, it is not strictly controlled for tax arrears and identity requirements for high value transactions. So, while regulations are being abandoned, this is a golden opportunity for money launderers.

This picture explains the pricing standards of today’s NFT hehehe.



Price is easily manipulated and very easily dictated because the market is not similar to cryptocoins where buying and selling occurs in real time.

Also, how does everyone know that NFTs are not being used for money laundering? Would money launderers tell you their activities?

It's absolutely insane how easily this can be done.

Any scammers can literally do this over and over again without fail, with multiple alts if need be.

There are no restrictions on this compared to even the shady traditional art markets. It just baffles me why newbies are looking to invest in them given that they are so obviously illiquid and can get rugpulled at any time.

[yurekaa]

actually before i read your post i dont have any suspicious for using NFT for money laundering, but after i read your post, hmmmm... i think its possible, we dont have any standart for NFT images value, its an art and nobody can make a value standard for that images. but we all from here want that it will not happen right? we hope that NFT is the part of cryptocurrencies that should make the good things

[kleMaGRiG]

NTF for earnings !!! My recommendation is Hangry Animals. Great project with huge potential

[alpamar99]

NFT has not received serious attention from the government, so it is reasonable to use it to save money, besides that the government considers that buying NFT assets is high risk because it will be difficult to sell quickly so NFT fans are not worried about investing in NFT.

Oh really? I actually think otherwise. with the rise of investment in NFT actually this can actually make me more worried.
The reason is quite simple, NFT is now too overhyped so there is a lot of abuse going on here, such as money laundering and scammers, which are becoming more and more common.
With this damage, the longer the NFT will be labeled bad by most people because they are already damaged due to the many scammers and investing in NFT makes me think again about it

[bbc.reporter]

actually before i read your post i dont have any suspicious for using NFT for money laundering, but after i read your post, hmmmm... i think its possible, we dont have any standart for NFT images value, its an art and nobody can make a value standard for that images. but we all from here want that it will not happen right? we hope that NFT is the part of cryptocurrencies that should make the good things

Money laundering is not only possible, it might really be happening!

Also, read this article. It appears that our favorite actor from the Matrix has not researched what potentials there are in NFTs. Yes Keanu, you can launder the millions paid to you from your new movie through NFTs and avoid paying taxes.



In a recent interview with The Verge, The Matrix Resurrections stars Keanu Reeves and Carrie-Anne Moss were asked their opinion about the NFTs created for the upcoming film, which proved so popular that they temporarily crashed the website on which they were sold.

Reeves, however, couldn’t contain himself - his response was to burst out laughing at the mere mention of NFTs, the very notion of digital scarcity. And it wasn’t just a polite chuckle - the restrained star let out an uncharacteristically loud cackle, after responding:

“They’re easily reproduced.”

Source https://www.forbes.com/sites/danidiplacido/2021/12/11/keanu-reeves-thinks-nfts-are-a-joke/

[dEjAvOU]

Of course this is a reasonable assumption, when someone invests in NFT there is a thought as a place for money laundering, I think this is excessive because only those who have strong financial strength will buy NFT, if he still wants to make NFT for money laundering then this is very risky.

[dataispower]

I have speculated that NFT will be the next part of the cryptospace where much of the money laundering and tax evasion might occur. Why is this? This is because NFT is art and much of the art world is unregulated.

It is real that NFT is comprises of art work design which i know that everyone knows about, in what possibility can NFT be use for money laundering, since it does not use to save and store money to the infinity like bank or cryptocurrencies, this NFT art work is done and named the above, from me it is only cryptocurrencies someone can use for money laundering without detections, when you said art work vis unregulated, the question is how?

[eXtremal]

I am sure there will be new regulations on NFT in the future if money laundering in NFT occurs. I know it has the potential for money laundering, but so far NFT is used for positive things, even used for the gaming community. We can only see this NFT trend, hopefully there is no money laundering here.

[apur688]

This is the most unique topic, I never think about this. Nft will be used for money laundering? , wow
I don't know will it be happened in real life or not, but I also have a prediction that any corruptions will use cryptocyrrency as its instruments. Not only NFT, but another crypto assets, coin, token, etc, I think those have possibility to be used too.

[deathcode]

Of course this is a reasonable assumption, when someone invests in NFT there is a thought as a place for money laundering, I think this is excessive because only those who have strong financial strength will buy NFT, if he still wants to make NFT for money laundering then this is very risky.

Actually this is more to everyone's opinion because NFT can also be very profitable although not all are profitable, so if someone does not believe in NFT, then there will always be bad things to say and vice versa for this.

if you look at everyone's opinion, of course, there will be people who like and hate NFT. We have heard about the use of NFT as money laundering for a long time. especially after the NFT assets sold were very expensive.
I think this is also almost the same as the news regarding bitcoin and crypto being used as a money laundering tool in the past. and all that must be answered with a growing belief in society.
more and more users will slowly erase such thoughts. we know, NFT is very popular nowadays. some projects also carry their NFT which is traded quite expensively. this is just waiting for awareness from the user only. and everything will be fine.

[Amejoaquim]

Of course it could. But I don't think is the best way to wash the dirty money since someone can easily follow the path of every single cent.
BTW, Art has subjective value. If someone pays you 2 million for a usb stick or just gift it to you most countries will want a very good explanation.

[bbc.reporter]

It appears that there are more people who are beginning to witness the potential for NFT and money laundering and also for other illegal activities hehehe. I saw someone create a thread on Chainalysis’ article.

In any case, the next big news on NFT and illegal activities is this will be used directly as payment for some other illegal activities like trading state secrets. I hope for the life of this Indian officer, those nude pictures are expensive NFTs hehehehehe.



Indian officer busted after trading secret info with ‘Pakistani spies’ for nude pics

An Indian Air Force captain arrested for espionage this week was lured into a “honey trap” by two women with whom he exchanged intimate photos, local media reports. The “women” turned out to be Pakistani agents.

Source https://www.rt.com/news/418371-indian-pilot-spying-honeytrap/

[Al Qiyamah]

Because of its high price, NFT has become a new way in today's era to commit money laundering crimes. so it's no wonder from now on some countries have started to make rules to prevent this from happening. One of the recommended ways for the US Treasury is to limit the volume of transactions to be made on NFT sales.

[Wewe Gombel]

It is strange if everything is always associated with money laundering, I'm sure people will be afraid to buy NFT for money laundering because of the great risk of NFT. and the most important thing is the offer from the bank is more promising than NFT.

[bbc.reporter]

Because of its high price, NFT has become a new way in today's era to commit money laundering crimes. so it's no wonder from now on some countries have started to make rules to prevent this from happening. One of the recommended ways for the US Treasury is to limit the volume of transactions to be made on NFT sales.

In some deals and negotiations between criminal syndicates, expensive paintings and other artworks are being used as collateral instead of dealing in cash. NFTs are the perfect methods for this type of deal making because they are very valuable but also very portable.

[OrangeII]

Because of its high price, NFT has become a new way in today's era to commit money laundering crimes. so it's no wonder from now on some countries have started to make rules to prevent this from happening. One of the recommended ways for the US Treasury is to limit the volume of transactions to be made on NFT sales.

it's not a matter of high prices, but dirty money that is obtained from bad things, can be washed in NFT by making some NFTs and buying them with that money. well, this is an opportunity for these people to do that. well, i just hope the future development of NFT can prevent that.
it's just that until now I feel that the development of NFT is continuing in a positive direction. Besides, no matter how good the technology is, there are bound to be some people who use it or find loopholes to use it in a bad way.

[Vatimins]

     I gotta say, this thing happening was already pretty obvious as soon as NFTs surfaced. People will always want to exploit as much and as many as they can for their own benefits regardless of the negative repercussions that may surface not only for them but also for the things that they exploit as well. It happened several times in the past and in various ways, no reason for it not to hapoen anymore or not have cryptos and NFTs being exploited for it.

[Benefactor]

Crooks can now make a poo workmanship and offer it for millions to a pre-characterized purchaser through cryptos. Dark cash becomes white for the vender and cash is moved for the purchaser. I think later on this technique will be less well known than now in view of such organizations.