In 2021, around $44 billion worth of crypto was sent to NFT-related smart contracts, up from $106 million in 2020, according to Chainalysis.For more stories visit
Non-fungible tokens skyrocketed in 2021, riding the broader cryptocurrency boom, and criminals took advantage.of artwork, sports cards, or other collectibles tied to a blockchain — have surged in popularity as investors from Wall Street and Hollywood get onboard. In 2021 alone, around $44 billion worth of crypto was sent to NFT-related smart contracts, up from just $106 million in 2020, according to blockchain analytics firm Chainalysis.
But with this elevated consciousness came an increase in crimes. Here are two rampant schemes Chainlysis has tracked in the past year.Wash trading is the illegal process in which a seller is on both sides of a trade to manipulate an asset's value and liquidity.
For 2021, the firm found that while most NFT wash traders have been unprofitable, the successful ones gained handsomely. Of the 262 wash traders tracked, only 41% were profitable but they raked in nearly $8.9 million . The rest lost nearly half a million.
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