The practice should be illegal but the NFT space is not properly regulated yet. 🧐 engineering
. Instead, to fight this type of online crime, Koopman said the IRS is focused on cases where individuals are “purposely manipulating the market to inflate it, to take advantage of other investors on the other side.”Chainanalysis reported that one of the most prolific NFT wash traders made 830 sales to addresses that they had self-financed but only got away with a mere $8,000.
Those tricky scammers were exceptionally good at hiding their activities and were also likely the ones profiting the most from the practice. That's why Kimberly Grauer, director of research at Chainalysis, told that they only" built a very, very, very conservative estimate of what might be NFT-related wash trading." The real numbers may indeed be much higher.Those considering investing in the NFT space may want to think about how early it is to do so.
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