Nfts
US Treasury Warns of NFT Fraud Risks
In the summer of 2021, nonfungible tokens, or NFTs, were all the rage. Typically featuring artwork by digital artists or collectibles resembling cute cartoon bears and monkeys, some NFTs have sold for tens of millions of dollars. While they remain a billion-dollar market, NFTs have faded in popularity, except among cybercriminals, who the Treasury Department says are “exploiting the publicity and hype” that still surround them.
In a new risk assessment, the U.S. Treasury warns that NFTs “are highly susceptible to fraud and scams.” Specifically, the U.S. Treasury warns of scammers using fake NFTs to lure unsuspecting buyers.
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In the summer of 2021, nonfungible tokens, or NFTs, were all the rage. Typically featuring digital artist illustrations or collectibles resembling cute cartoon bears and monkeys, some NFTs have sold for tens of millions of dollars. While they remain a billion-dollar market, NFTs have faded in popularity, except among cybercriminals, who the Treasury Department says are “exploiting the publicity and hype” that still surround them.
In a new risk assessment, the U.S. Treasury warns that NFTs “are highly susceptible to fraud and scams.” Specifically, the U.S. Treasury warns of scammers using fake NFTs to lure unsuspecting buyers.
The Treasury also says that a lack of regulatory oversight and sloppy controls at some NFT exchanges mean tokens can sometimes be stolen from their owners or used for money laundering.
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