Known for its resemblance to the Doodles collection in terms of design, the creators of the Squiggles NFT collection were charged with money laundering and bank fraud by a US federal jury.
Squiggles NFT collection He was investigated for fraud by a US federal jury. Implemented in February 2022 5 thousand pieces After this collection reached volumes of thousands of Ethereum (ETH), its examination as part of such an investigation caused panic among investors.
First about the NFT project rug-pull report Squiggles appeared early last year, and at that point, Squiggles, which attracted the attention of the authorities, was under scrutiny by the official authorities. Collection after the start of the review OpenSeaRemoved from.
Project founders accused of money laundering and bank fraud are not only under investigation within this collection. Last year NFT Ethics In a report published by the project’s founders Gavin Swimwear, Gabriel Hay And Ali Saghiamong them League of Sacred Devils, Vault of Gems, Lucky Buddhas, Dirty Dogs And Sinful SoulsHe was accused of defrauding several NFT projects, including . The federal jury undertook a detailed investigation of the individuals on these charges:
Mayo, Hay, Saghi and others are suspected of creating several NFT projects over different cryptocurrencies and blockchains their investors.
Wild West for JPEGs
Similar to crypto money markets, NFT markets have become a part of money laundering initiatives with their extremely unregulated and abuse-prone nature. Although the authorities seem to be working on this issue and following the criminals, the targeted part is only the tip of the iceberg.
The NFT market, which has been actively traded for about 4-5 years, is mostly one of the crypto money markets. 2014-2015 looks like season. just one wild west painting In addition to the Ethereum network of NFTs in particular, this sector is reminiscent of Avalanche (AVAX), Left (LEFT) The size of rug pull events has increased untraceably.
According to my Pastel platform, which does research on NFT markets $25 billion NFT fraud in 2022 took place. On the other hand, this report covers only a small part of the projects that suddenly disappeared.