Due to the unstoppable growth of the NFT space, crimes that are inter-related are also becoming unstoppable. Elliptic reported that nearly $8 million in illegal funds had been laundered in each of the various platforms since last year. There is $328.6 million from bemusement services like crypto mixers. This might reflect the proceeds from some of the illegitimate activities. The crypto space’s center of the talk has been the crypto mixers ever since the Tornado Crash was imposed.
According to the US Treasury Department, Tornado continues to fail to impose and control its platform, allowing malicious cyber actors to launder funds.
There is $100 million worth of NFTs from July 2021 to July 2022 that were reported publicly as stolen because of the scams. There is at least a total of $300,000 per scam that the perpetrators have fetched.
BAYC (Bored Ape Yacht Club) NFTs were the most highly valued series that were being stolen. There are 167 pieces that have a value of $43.6 million and an approximately $8 million fund that was laundered on an NFT platform. With this, the floor price of the said NFT had dropped to 66 ETH floor price as the week began and was being targeted by people who are associated with phishing websites.
Despite all the crimes mentioned, this did not take away the interest of NFT enthusiasts. During the summer of 2021, NFT trading increased with over $50 million in daily average sales and $17.7 billion in sold NFTs that year.