Shady NFT Traders Have Made $8.9 Million USD by Artificially Inflating NFT Prices

NFT traders made nearly $8.9 million USD in 2021 using an illegal activity called "wash trading" to artificially boost the value of their assets.A new report by blockchain data platform Chainalysis revealed that some NFT traders are "making a killing" with wash trading, where the seller is on both sides of the NFT trade, leading to misleading inflation in the asset's value. According to the report, wash trading is usually of concern with cryptocurrency exchanges, where trade volumes are faked to...