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Author Topic: NFT for money laundering?  (Read 767 times)
gamer4156
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March 12, 2022, 09:07:57 AM
 #121

The responsibility for run changes and who realize what occurred in foundation. There are individuals who do likewise as retail financial backers. With NFT, you can sell them on decentralized trades, martketplaces and make the hint of exchanges, cash become more troublesome.
tbterryboy
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March 12, 2022, 08:58:35 PM
 #122

No system is safe, your speculation can indeed happen. The better technology is created,
the more loopholes for crime to enter, moreover NFT is a new concept that is popular lately,
of course money launderers will think about how to launder their money in NFT and it is very difficult to avoid it.
So far I haven't found any security that exists in the NFT itself apart from the blockchain,
which means it's very easy for criminals to carry out their actions here. An example is Evolved Apes.
New technologies are created by people so people are also the one that can damage or destroys it but the better the technology is I think the better the security but maybe except in their early run because bugs and exploits can still be easily found during this phase but later on it will be improved.

It's not only NFT but all cryptos actually because they are all decentralized. You can transact here without the need of revealing your own identity and in case a KYC is required I think a true criminal can still bypass it by supplying fake id and fake details. NFTs are secure, just like a crypto because if they aren't, there will be no confidence with their investor.
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