back to article US Treasury says NFTs 'highly susceptible' to fraud, but ignored by high-tier criminals

The US Treasury Department has assessed the risk of non-fungible tokens (NFTs) being used for illicit finance, and has found them wanting for lack of proper roadblocks preventing illegal applications. In a report published on Wednesday, the Treasury Department concluded that NFTs "are highly susceptible to use in fraud and …

  1. Anonymous Coward
  2. Tron Silver badge

    NFTs still exist?

    Wow. They outlasted the metaverse.

    I immunised myself against 'bad actors' in the 80s, researching straight-to-VHS pron. Assiduously.

    1. Yet Another Anonymous coward Silver badge

      Re: NFTs still exist?

      Well one NFT selling bad actor from the 80s and client of porn actors is going to be very disappointed at being described as a small time internet fraudster rather than a major crime kingpin.

    2. tmTM

      Re: NFTs still exist?

      They only exist as a vehicle for people washing money, the genuine ̶c̶u̶s̶t̶o̶m̶e̶r̶s̶ mugs lost everything years ago.

  3. Howard Sway Silver badge

    highly susceptible to use in fraud

    What? So selling jpegs of drooling cartoon monkeys for hundreds of thousands of dollars each WASN'T a fraud in the first place?

    1. Pascal Monett Silver badge

      Oh yes it was, and anyone with a brain saw that immediately.

  4. Anonymous Coward
    Anonymous Coward

    NFTs are the scam of choice for convicted felons

    Great way for broke grifters to fleece their marks:

    https://www.rollingstone.com/politics/politics-features/trump-cards-nft-gala-mar-a-lago-1234956540/

    1. BartyFartsLast Bronze badge

      Re: NFTs are the scam of choice for convicted felons

      Broke convicts.

      There, FTFY

    2. Anonymous Coward
      Anonymous Coward

      Re: NFTs are the scam of choice for convicted felons

      @3 thumbs down

      Oh boy, looks like there are some easy MAGA marks out there.

  5. Pascal

    It's funny that criminals ignored NFTs from the get go / knew there was nothing worth stealing there.

  6. Emir Al Weeq

    Organised criminals are organised

    When you've invested good money in adding secret compartments to lorries and yachts, paid a workforce of low-life and bribed an assortment of officials, you don't want the profits stolen by a script kiddie.

  7. Doctor Syntax Silver badge

    There's no intrinsic value unlike the usual purchases of expensive watches and cars.

    There's little point in trying to sell fast-depreciating stuff to the public.

    There's no point in using then to launder money if they can't be easily converted to cash.

    So no surprise if they're being ignored.

  8. Anonymous Coward
    Anonymous Coward

    “highly susceptible to use in fraud and scams”

    Call Uncle Don.

    1800CONVICTEDFELON

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