Treasury warning of NFT fraud risks
In a new risk assessment, the Treasury is urging caution for buyers of non-fungible tokens, which the department says could be stolen by scammers or used for money laundering. Credit: Getty Images / Adrian Vidal
In the summer of 2021, non-fungible tokens, or NFTs, were red hot. Typically featuring illustrations by digital artists or cartoon-like collectibles of cute bears and apes, some NFTs sold for tens of millions of dollars. Although they remain a billion-dollar business, NFTs have fallen in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the publicity and hype” that still surrounds them.
In a new risk assessment, the Treasury warns that NFTs “are highly susceptible to use in fraud and scams.” Specifically, the Treasury warns of scammers using fake NFTs to lure unsuspecting buyers.
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In the summer of 2021, non-fungible tokens, or NFTs, were red hot. Typically featuring illustrations by digital artists or cartoon-like collectibles of cute bears and apes, some NFTs sold for tens of millions of dollars. Although they remain a billion-dollar business, NFTs have fallen in popularity — except among cybercriminals, who the Treasury Department says are “exploiting the publicity and hype” that still surrounds them.
In a new risk assessment, the Treasury warns that NFTs “are highly susceptible to use in fraud and scams.” Specifically, the Treasury warns of scammers using fake NFTs to lure unsuspecting buyers.
The Treasury also says the lack of regulatory oversight and slipshod controls by some NFT trading platforms mean the tokens can sometimes be stolen from owners or used for money laundering.
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