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News Feed - 2023-10-10 05:10:21

David Attlee46 minutes agoMistake or money laundering? User pays $1.6 million for CrypToadz NFTThe 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.327 Total views4 Total sharesListen to article 0:00NewsJoin us on social networksOne 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.The purchasing wallet was funded by a wallet that has been pulling money out of Tornado Cashhttps://t.co/nNhKvSVhoz pic.twitter.com/aInHO8vNyG— TexasHedge (@0xTexasHedge) October 9, 2023


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# Blockchain# Business# NFT# Cointelegraph NFT# OpenSea# Tornado CashAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate itOKX exec says KYC will ‘raise the bar,’ bring real capital into crypto: Blockchain Economy Dubai 2023Michael Lewis" new book puts a positive spin on Sam Bankman-Fried

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