The J5 Joint Chiefs of Global Tax Enforcement has issued a list of strong and moderate “red flag indicators” of fraud in NFT marketplaces. cheyenneligon reports
released Thursday, the J5 listed 24 “red flags” for NFT marketplaces, split between “strong” and “moderate” indications of potential fraud.
In the J5’s “strong” indicators of potential fraud, law enforcement is encouraged to watch out for phishing scams, fake token giveaways, social media impersonation and other signs of potential wash trading and money laundering, such as “NFTs being sold for large sums and reacquired from the same party or a third party for smaller amounts.”
The “moderate” indicators include things such as non-existent contract addresses, missing information in the project’s description fields and re-used code within the NFT. The document notes that all these indicators have appeared in real projects, and are not alone indications of crime, but should be taken into consideration when deciding whether a project is legitimate.Austin, Texas
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