4 ms·
How would NFTs enable money laundering?
by sabellito 5y ago
How would NFTs enable money laundering?
- aaroninsf 5y agoThey are a trivially transferable value store with no overhead, little over site, and no verifiable value; they are merely a vehicle for hard-to-scrutinize, unreported movement of [large amounts of] money.
- drdec 5y agoLet's say you are a criminal with $1M to launder. You create an NFT and sell it to you buddy for $1M. Hopefully your buddy is also a criminal mastermind* that already did some laundering, so it's not inconceivable that s/he has a legit looking $1M to spend. Now your buddy doesn't actually send you the cash, instead you deposit the $1M in ill-gotten goods you had laying around. Now you have a legitimate $1M in income to cover the illegal gains. Don't try this at home. I'm sure there are probably some gotchas in the above scheme. * Actually if you just find a legitimate rich person with low morals, they probably wouldn't mind participating for the usual launderer's fee.
- Nasrudith 5y agoAny widely flex-priceable commodity is good for money laundering and taking losses on money laundering seperate from transaction taxes neccessary to make the money clean. How can auditor spot something wrong when it is all bullshit in prices?