BTC - NFTs Vulnerable To Frauds And Scams Says US Treasury — Calls For Tighter Regulations | Benzinga
The U.S. Treasury Department sounded an alarm on non-fungible tokens, deeming the blockchain-based assets highly susceptible to use in fraud and scams.
What Happened: In a new NFT Illicit Finance Risk Assessment report released on Wednesday, the Treasury noted that loopholes in the asset class could be exploited by bad actors to launder money from crimes, thereby concealing the illegal origins.
That said, the report found significantly less evidence of NFT misuse for terrorist and proliferation financing.
The Treasury detected several issues with the niche cryptocurrency vertical such as inadequate cybersecurity protections, challenges related ...