{"id":171385,"date":"2023-10-10T13:59:07","date_gmt":"2023-10-10T08:29:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=171385"},"modified":"2023-10-10T13:59:07","modified_gmt":"2023-10-10T08:29:07","slug":"mistake-or-money-laundering-user-pays-1-6-million-for-cryptoadz-nft-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/mistake-or-money-laundering-user-pays-1-6-million-for-cryptoadz-nft-crypto-news\/","title":{"rendered":"Mistake or money laundering? User pays $1.6 million for CrypToadz NFT – Crypto News"},"content":{"rendered":"
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One of the CrypToadz non-fungible tokens (NFTs), whose average price doesn\u2019t exceed $1000, was bought for an astonishing 1,055 Wrapped Ethereum (WETH), an equivalent to $1.6 million.\u00a0<\/p>\n

The deal occurred<\/a> on the OpenSea market on Oct. 9. The NFT represents \u201ca small, warty, amphibious creature,\u201d one of the 6969 units minted by the pseudonymous digital artist Gremplin. The CrypToadz collection was launched during the NFTs boom in 2021 and surpassed a trading volume of 12,000 ETH ($38 million) during its first ten days on the market. <\/p>\n

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The purchasing wallet was funded by a wallet that has been pulling money out of Tornado Cashhttps:\/\/t.co\/nNhKvSVhoz<\/a> pic.twitter.com\/aInHO8vNyG<\/a><\/p>\n

\u2014 TexasHedge (@0xTexasHedge) October 9, 2023<\/a><\/p><\/blockquote>\n

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 $1600), only to be sold for a price a thousand times higher. <\/p>\n

Related: <\/u><\/em><\/strong>North Korean Lazarus Group amasses over $40M in Bitcoin, data reveals<\/em><\/strong><\/a><\/p>\n

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<\/p>\n

Although some Twitter users preferred<\/a> to qualify the weird purchase as a \u201cfat finger mistake\u201d 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. <\/p>\n

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<\/a> for its alleged role in laundering crime proceeds. However, these sanctions <\/a>couldn\u2019t completely cut off the mixer\u2019s usage. <\/p>\n

For example, in July 2023, almost $60 million in Ether, stolen from the AnubisDAO two years earlier, was moved via Tornado Cash<\/a>. The person possessing the 13,556 ETH divided and transferred the funds in 100 ETH transactions.<\/p>\n

Magazine:\u00a0The Truth Behind Cuba\u2019s Bitcoin Revolution: An on-the-ground report<\/a><\/u><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

One of the CrypToadz non-fungible tokens (NFTs), whose average price doesn\u2019t exceed $1000, was bought for an astonishing 1,055 Wrapped Ethereum (WETH), an equivalent to $1.6 million.\u00a0 The deal occurred on the OpenSea market on Oct. 9. The NFT represents \u201ca small, warty, amphibious creature,\u201d one of the 6969 units minted by the pseudonymous digital […]<\/p>\n","protected":false},"author":2,"featured_media":171386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-171385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=171385"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171385\/revisions"}],"predecessor-version":[{"id":171388,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/171385\/revisions\/171388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/171386"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=171385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=171385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=171385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}