Ethereum

Tornado Cash

Tornado

MN Coin

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/11/746480735c3fb3593572d4ecac26522e.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/10/11/746480735c3fb3593572d4ecac26522e.webp 800w, https://cdn.thebittimes.com/images/2023/10/11/746480735c3fb3593572d4ecac26522e.webp 450w, https://cdn.thebittimes.com/images/2023/10/11/746480735c3fb3593572d4ecac26522e.webp 750w, https://cdn.thebittimes.com/images/2023/10/11/746480735c3fb3593572d4ecac26522e.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
Funds for the acquisition were sourced from a digital wallet, woven into the intricate tapestry of transactions, anonymized through the Ethereum coin mixing alchemy of Tornado Cash.
A single NFT from the enigmatic world of CrypToadz, each boasting an average valuation not exceeding $1,000, was exchanged for a staggering 1,055 Wrapped Ethereum (wETH), translating to a jaw-dropping $1.6 million in monetary terms.
This momentous transaction unfolded upon the grand stage of the OpenSea marketplace on the 9th of October. The NFT in question represents a diminutive, warty, aquatic entity, one of the illustrious 6,969 units forged by the pseudonymous digital virtuoso known as Gremplin. The CrypToadz collection, birthed during the frenetic NFT renaissance of 2021, ascended to unprecedented heights, achieving a staggering trading volume of 12,000 Ether ($38 million) in a mere 10 days since its market debut.
However, the astounding price paid by an anonymous patron for this <a rel="noopener noreferrer nofollow" title="NFT" href="https://thebittimes.com/tag/nft.html">NFT</a> sent shockwaves through the community. A mere fortnight prior, this same item had changed hands for a modest 0.95 ETH (approximately $1,600), only to be resold at an astronomical markup, a thousandfold its original cost.
To add to the intrigue, the transaction was orchestrated through a digital wallet intricately entwined within a labyrinthine chain of anonymized transactions, courtesy of the Ethereum coin mixing sorcery of Tornado Cash. The new custodian of the CrypToadz NFT found themselves in possession of a staggering 1,115.9 ETH (equivalent to $1.6 million) on the 5th of October.
While some astute observers on the Twitterverse were quick to dub this bizarre acquisition as a “fat-finger mistake” during the exchange, others speculated on the possibility of wash trading, a strategy employed to obfuscate the origins of funds by routing them through an extensive network of trades and exchanges.
Notably, Tornado Cash boasts a notorious reputation, primarily attracting the attention of individuals with dubious intentions seeking to cleanse ill-gotten gains. In August of 2023, the United States Office of Foreign Assets Control (OFAC) even imposed sanctions on this crypto mixer, alleging its involvement in the laundering of illicit proceeds. However, these sanctions, despite their weight, failed to completely sever the mixer’s nefarious utility.
A case in point occurred in July 2023 when almost $60 million worth of Ether, originally pilfered from AnubisDAO two years prior, was funneled through Tornado Cash. The possessor of the 13,556 ETH ingeniously divided and distributed the funds across a labyrinthine network of 100 ETH transactions.
The post Money <a rel="noopener noreferrer nofollow" title="laundering" href="https://thebittimes.com/tag/laundering.html">laundering</a> or <a rel="noopener noreferrer nofollow" title="error" href="https://thebittimes.com/tag/error.html">error</a>? User <a rel="noopener noreferrer nofollow" title="purchases" href="https://thebittimes.com/tag/purchases.html">purchases</a> <a rel="noopener noreferrer nofollow" title="CrypToadz" href="https://thebittimes.com/tag/cryptoadz.html">CrypToadz</a> <a rel="noopener noreferrer nofollow" title="NFT" href="https://thebittimes.com/tag/nft.html">NFT</a> for $1.6 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/money-laundering-or-error-user-purchases-cryptoadz-nft-for-1-6-million-tbt65905.html">https://thebittimes.com/money-laundering-or-error-user-purchases-cryptoadz-nft-for-1-6-million-tbt65905.html</a>

Money laundering or error? User purchases CrypToadz NFT for $1.6 million.

TheBitTimes

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