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\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n
\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

\"\"\"\"<\/div>
LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

\"\"\"\"<\/div>
LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

\"\"\"\"<\/div>
LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

\"\"\"\"<\/div>
LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

\"\"
LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

\u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 28 29 30 31 32 … 41

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
  1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
  2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
  3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
  4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
    \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

    LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

    LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

    NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

    \"\"\"\"<\/div>
    LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

    LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

    LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

    LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

    \"\"
    LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

    With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

    LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

    \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

    \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

    Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

    1 … 28 29 30 31 32 … 41

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    Twitter Instagram Youtube LinkedIn Facebook RSS
    ADVERTISEMENT
    \n

    There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

    1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
    2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
    3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
    4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
      \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

      LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

      LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

      NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

      \"\"\"\"<\/div>
      LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

      LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

      LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

      LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

      \"\"
      LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

      With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

      LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

      \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

      \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

      Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

      1 … 28 29 30 31 32 … 41

      Most Read

      Subscribe To Our Newsletter

      By subscribing, you agree with our privacy and terms.

      Follow The Distributed

      Twitter Instagram Youtube LinkedIn Facebook RSS
      ADVERTISEMENT
      \n

      Examples Of NFT Wash Trades<\/h2>\n\n\n\n

      There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

      1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
      2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
      3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
      4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
        \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

        LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

        LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

        NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

        \"\"\"\"<\/div>
        LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

        LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

        LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

        LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

        \"\"
        LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

        With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

        LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

        \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

        \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

        Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

        1 … 28 29 30 31 32 … 41

        Most Read

        Subscribe To Our Newsletter

        By subscribing, you agree with our privacy and terms.

        Follow The Distributed

        Twitter Instagram Youtube LinkedIn Facebook RSS
        ADVERTISEMENT
        \n
        \"Data
        Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

        Examples Of NFT Wash Trades<\/h2>\n\n\n\n

        There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

        1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
        2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
        3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
        4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
          \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

          LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

          LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

          NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

          \"\"\"\"<\/div>
          LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

          LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

          LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

          LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

          \"\"
          LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

          With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

          LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

          \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

          \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

          Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

          1 … 28 29 30 31 32 … 41

          Most Read

          Subscribe To Our Newsletter

          By subscribing, you agree with our privacy and terms.

          Follow The Distributed

          Twitter Instagram Youtube LinkedIn Facebook RSS
          ADVERTISEMENT
          \n

          NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

          \"Data
          Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

          Examples Of NFT Wash Trades<\/h2>\n\n\n\n

          There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

          1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
          2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
          3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
          4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
            \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

            LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

            LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

            NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

            \"\"\"\"<\/div>
            LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

            LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

            LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

            LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

            \"\"
            LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

            With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

            LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

            \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

            \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

            Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

            1 … 28 29 30 31 32 … 41

            Most Read

            Subscribe To Our Newsletter

            By subscribing, you agree with our privacy and terms.

            Follow The Distributed

            Twitter Instagram Youtube LinkedIn Facebook RSS
            ADVERTISEMENT
            \n

            Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

            NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

            \"Data
            Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

            Examples Of NFT Wash Trades<\/h2>\n\n\n\n

            There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

            1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
            2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
            3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
            4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
              \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

              LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

              LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

              NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

              \"\"\"\"<\/div>
              LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

              LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

              LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

              LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

              \"\"
              LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

              With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

              LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

              \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

              \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

              Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

              1 … 28 29 30 31 32 … 41

              Most Read

              Subscribe To Our Newsletter

              By subscribing, you agree with our privacy and terms.

              Follow The Distributed

              Twitter Instagram Youtube LinkedIn Facebook RSS
              ADVERTISEMENT
              \n

              The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

              Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

              NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

              \"Data
              Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

              Examples Of NFT Wash Trades<\/h2>\n\n\n\n

              There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

              1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
              2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
              3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
              4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                \"\"\"\"<\/div>
                LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                \"\"
                LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                1 … 28 29 30 31 32 … 41

                Most Read

                Subscribe To Our Newsletter

                By subscribing, you agree with our privacy and terms.

                Follow The Distributed

                Twitter Instagram Youtube LinkedIn Facebook RSS
                ADVERTISEMENT
                \n

                How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                \"Data
                Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                  \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                  LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                  LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                  NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                  \"\"\"\"<\/div>
                  LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                  LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                  LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                  LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                  \"\"
                  LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                  With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                  LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                  \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                  \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                  Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                  1 … 28 29 30 31 32 … 41

                  Most Read

                  Subscribe To Our Newsletter

                  By subscribing, you agree with our privacy and terms.

                  Follow The Distributed

                  Twitter Instagram Youtube LinkedIn Facebook RSS
                  ADVERTISEMENT
                  \n

                  The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                  How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                  The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                  Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                  NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                  \"Data
                  Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                  Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                  There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                  1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                  2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                  3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                  4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                    \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                    LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                    LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                    NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                    \"\"\"\"<\/div>
                    LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                    LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                    LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                    LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                    \"\"
                    LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                    With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                    LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                    \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                    \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                    Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                    1 … 28 29 30 31 32 … 41

                    Most Read

                    Subscribe To Our Newsletter

                    By subscribing, you agree with our privacy and terms.

                    Follow The Distributed

                    Twitter Instagram Youtube LinkedIn Facebook RSS
                    ADVERTISEMENT
                    \n

                    After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                    The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                    How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                    The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                    Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                    NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                    \"Data
                    Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                    Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                    There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                    1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                    2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                    3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                    4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                      \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                      LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                      LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                      NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                      \"\"\"\"<\/div>
                      LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                      LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                      LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                      LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                      \"\"
                      LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                      With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                      LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                      \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                      \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                      Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                      1 … 28 29 30 31 32 … 41

                      Most Read

                      Subscribe To Our Newsletter

                      By subscribing, you agree with our privacy and terms.

                      Follow The Distributed

                      Twitter Instagram Youtube LinkedIn Facebook RSS
                      ADVERTISEMENT
                      \n

                      Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                      After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                      The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                      How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                      The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                      Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                      NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                      \"Data
                      Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                      Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                      There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                      1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                      2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                      3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                      4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                        \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                        LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                        LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                        NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                        \"\"\"\"<\/div>
                        LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                        LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                        LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                        LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                        \"\"
                        LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                        With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                        LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                        \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                        \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                        Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                        1 … 28 29 30 31 32 … 41

                        Most Read

                        Subscribe To Our Newsletter

                        By subscribing, you agree with our privacy and terms.

                        Follow The Distributed

                        Twitter Instagram Youtube LinkedIn Facebook RSS
                        ADVERTISEMENT
                        \n

                        What Is NFT Wash Trading?<\/h2>\n\n\n\n

                        Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                        After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                        The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                        How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                        The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                        Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                        NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                        \"Data
                        Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                        Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                        There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                        1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                        2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                        3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                        4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                          \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                          LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                          LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                          NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                          \"\"\"\"<\/div>
                          LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                          LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                          LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                          LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                          \"\"
                          LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                          With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                          LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                          \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                          \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                          Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                          1 … 28 29 30 31 32 … 41

                          Most Read

                          Subscribe To Our Newsletter

                          By subscribing, you agree with our privacy and terms.

                          Follow The Distributed

                          Twitter Instagram Youtube LinkedIn Facebook RSS
                          ADVERTISEMENT
                          \n

                          I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                          What Is NFT Wash Trading?<\/h2>\n\n\n\n

                          Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                          After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                          The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                          How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                          The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                          Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                          NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                          \"Data
                          Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                          Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                          There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                          1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                          2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                          3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                          4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                            \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                            LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                            LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                            NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                            \"\"\"\"<\/div>
                            LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                            LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                            LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                            LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                            \"\"
                            LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                            With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                            LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                            \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                            \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                            Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                            1 … 28 29 30 31 32 … 41

                            Most Read

                            Subscribe To Our Newsletter

                            By subscribing, you agree with our privacy and terms.

                            Follow The Distributed

                            Twitter Instagram Youtube LinkedIn Facebook RSS
                            ADVERTISEMENT
                            \n

                            Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                            I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                            What Is NFT Wash Trading?<\/h2>\n\n\n\n

                            Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                            After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                            The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                            How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                            The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                            Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                            NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                            \"Data
                            Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                            Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                            There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                            1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                            2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                            3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                            4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                              \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                              LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                              LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                              NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                              \"\"\"\"<\/div>
                              LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                              LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                              LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                              LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                              \"\"
                              LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                              With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                              LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                              \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                              \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                              Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                              1 … 28 29 30 31 32 … 41

                              Most Read

                              Subscribe To Our Newsletter

                              By subscribing, you agree with our privacy and terms.

                              Follow The Distributed

                              Twitter Instagram Youtube LinkedIn Facebook RSS
                              ADVERTISEMENT
                              \n

                              The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                              Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                              I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                              What Is NFT Wash Trading?<\/h2>\n\n\n\n

                              Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                              After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                              The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                              How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                              The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                              Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                              NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                              \"Data
                              Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                              Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                              There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                              1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                              2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                              3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                              4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                \"\"\"\"<\/div>
                                LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                \"\"
                                LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                1 … 28 29 30 31 32 … 41

                                Most Read

                                Subscribe To Our Newsletter

                                By subscribing, you agree with our privacy and terms.

                                Follow The Distributed

                                Twitter Instagram Youtube LinkedIn Facebook RSS
                                ADVERTISEMENT
                                \n

                                The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                \"Data
                                Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                  \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                  LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                  LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                  NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                  \"\"\"\"<\/div>
                                  LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                  LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                  LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                  LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                  \"\"
                                  LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                  With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                  LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                  \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                  \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                  Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                  1 … 28 29 30 31 32 … 41

                                  Most Read

                                  Subscribe To Our Newsletter

                                  By subscribing, you agree with our privacy and terms.

                                  Follow The Distributed

                                  Twitter Instagram Youtube LinkedIn Facebook RSS
                                  ADVERTISEMENT
                                  \n

                                  The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                  The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                  The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                  Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                  I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                  What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                  Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                  After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                  The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                  How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                  The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                  Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                  NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                  \"Data
                                  Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                  Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                  There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                  1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                  2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                  3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                  4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                    \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                    LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                    LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                    NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                    \"\"\"\"<\/div>
                                    LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                    LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                    LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                    LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                    \"\"
                                    LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                    With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                    LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                    \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                    \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                    Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                    1 … 28 29 30 31 32 … 41

                                    Most Read

                                    Subscribe To Our Newsletter

                                    By subscribing, you agree with our privacy and terms.

                                    Follow The Distributed

                                    Twitter Instagram Youtube LinkedIn Facebook RSS
                                    ADVERTISEMENT
                                    \n

                                    Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                    The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                    The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                    The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                    Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                    I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                    What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                    Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                    After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                    The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                    How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                    The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                    Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                    NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                    \"Data
                                    Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                    Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                    There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                    1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                    2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                    3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                    4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                      \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                      LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                      LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                      NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                      \"\"\"\"<\/div>
                                      LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                      LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                      LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                      LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                      \"\"
                                      LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                      With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                      LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                      \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                      \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                      Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                      1 … 28 29 30 31 32 … 41

                                      Most Read

                                      Subscribe To Our Newsletter

                                      By subscribing, you agree with our privacy and terms.

                                      Follow The Distributed

                                      Twitter Instagram Youtube LinkedIn Facebook RSS
                                      ADVERTISEMENT
                                      \n

                                      Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                      Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                      The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                      The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                      The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                      Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                      I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                      What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                      Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                      After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                      The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                      How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                      The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                      Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                      NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                      \"Data
                                      Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                      Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                      There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                      1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                      2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                      3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                      4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                        \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                        LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                        LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                        NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                        \"\"\"\"<\/div>
                                        LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                        LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                        LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                        LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                        \"\"
                                        LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                        With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                        LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                        \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                        \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                        Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                        1 … 28 29 30 31 32 … 41

                                        Most Read

                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS
                                        ADVERTISEMENT
                                        \n

                                        Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                        Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                        Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                        The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                        The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                        The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                        Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                        I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                        What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                        Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                        After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                        The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                        How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                        The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                        Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                        NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                        \"Data
                                        Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                        Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                        There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                        1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                        2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                        3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                        4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                          \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                          LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                          LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                          NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                          \"\"\"\"<\/div>
                                          LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                          LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                          LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                          LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                          \"\"
                                          LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                          With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                          LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                          \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                          \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                          Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                          1 … 28 29 30 31 32 … 41

                                          Most Read

                                          Subscribe To Our Newsletter

                                          By subscribing, you agree with our privacy and terms.

                                          Follow The Distributed

                                          Twitter Instagram Youtube LinkedIn Facebook RSS
                                          ADVERTISEMENT
                                          \n

                                          According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                          Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                          Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                          Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                          The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                          The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                          The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                          Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                          I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                          What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                          Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                          After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                          The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                          How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                          The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                          Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                          NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                          \"Data
                                          Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                          Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                          There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                          1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                          2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                          3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                          4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                            \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                            LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                            LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                            NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                            \"\"\"\"<\/div>
                                            LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                            LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                            LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                            LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                            \"\"
                                            LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                            With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                            LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                            \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                            \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                            Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                            1 … 28 29 30 31 32 … 41

                                            Most Read

                                            Subscribe To Our Newsletter

                                            By subscribing, you agree with our privacy and terms.

                                            Follow The Distributed

                                            Twitter Instagram Youtube LinkedIn Facebook RSS
                                            ADVERTISEMENT
                                            \n

                                            Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                            According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                            Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                            Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                            Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                            The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                            The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                            The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                            Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                            I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                            What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                            Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                            After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                            The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                            How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                            The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                            Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                            NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                            \"Data
                                            Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                            Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                            There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                            1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                            2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                            3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                            4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                              \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                              LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                              LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                              NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                              \"\"\"\"<\/div>
                                              LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                              LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                              LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                              LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                              \"\"
                                              LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                              With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                              LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                              \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                              \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                              Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                              1 … 28 29 30 31 32 … 41

                                              Most Read

                                              Subscribe To Our Newsletter

                                              By subscribing, you agree with our privacy and terms.

                                              Follow The Distributed

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                                              ADVERTISEMENT
                                              \n

                                              Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                              Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                              According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                              Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                              Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                              Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                              The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                              The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                              The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                              Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                              I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                              What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                              Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                              After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                              The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                              How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                              The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                              Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                              NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                              \"Data
                                              Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                              Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                              There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                              1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                              2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                              3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                              4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                \"\"\"\"<\/div>
                                                LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                \"\"
                                                LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                1 … 28 29 30 31 32 … 41

                                                Most Read

                                                Subscribe To Our Newsletter

                                                By subscribing, you agree with our privacy and terms.

                                                Follow The Distributed

                                                Twitter Instagram Youtube LinkedIn Facebook RSS
                                                ADVERTISEMENT
                                                \n

                                                Who Owns Etherscan?<\/h3>\n\n\n\n

                                                Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                \"Data
                                                Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                  \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                  LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                  LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                  NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                  \"\"\"\"<\/div>
                                                  LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                  LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                  LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                  LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                  \"\"
                                                  LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                  With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                  LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                  \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                  \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                  Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                  1 … 28 29 30 31 32 … 41

                                                  Most Read

                                                  Subscribe To Our Newsletter

                                                  By subscribing, you agree with our privacy and terms.

                                                  Follow The Distributed

                                                  Twitter Instagram Youtube LinkedIn Facebook RSS
                                                  ADVERTISEMENT
                                                  \n

                                                  Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                  Who Owns Etherscan?<\/h3>\n\n\n\n

                                                  Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                  Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                  According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                  Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                  Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                  Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                  The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                  The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                  The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                  Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                  I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                  What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                  Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                  After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                  The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                  How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                  The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                  Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                  NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                  \"Data
                                                  Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                  Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                  There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                  1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                  2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                  3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                  4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                    \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                    LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                    LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                    NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                    \"\"\"\"<\/div>
                                                    LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                    LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                    LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                    LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                    \"\"
                                                    LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                    With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                    LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                    \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                    \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                    Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                    1 … 28 29 30 31 32 … 41

                                                    Most Read

                                                    Subscribe To Our Newsletter

                                                    By subscribing, you agree with our privacy and terms.

                                                    Follow The Distributed

                                                    Twitter Instagram Youtube LinkedIn Facebook RSS
                                                    ADVERTISEMENT
                                                    \n

                                                    Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                    Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                    Who Owns Etherscan?<\/h3>\n\n\n\n

                                                    Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                    Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                    According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                    Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                    Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                    Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                    The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                    The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                    The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                    Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                    I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                    What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                    Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                    After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                    The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                    How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                    The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                    Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                    NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                    \"Data
                                                    Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                    Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                    There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                    1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                    2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                    3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                    4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                      \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                      LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                      LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                      NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                      \"\"\"\"<\/div>
                                                      LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                      LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                      LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                      LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                      \"\"
                                                      LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                      With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                      LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                      \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                      \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                      Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                      1 … 28 29 30 31 32 … 41

                                                      Most Read

                                                      Subscribe To Our Newsletter

                                                      By subscribing, you agree with our privacy and terms.

                                                      Follow The Distributed

                                                      Twitter Instagram Youtube LinkedIn Facebook RSS
                                                      ADVERTISEMENT
                                                      \n

                                                      Is Etherscan Safe?<\/h2>\n\n\n\n

                                                      Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                      Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                      Who Owns Etherscan?<\/h3>\n\n\n\n

                                                      Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                      Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                      According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                      Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                      Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                      Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                      The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                      The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                      The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                      Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                      I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                      What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                      Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                      After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                      The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                      How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                      The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                      Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                      NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                      \"Data
                                                      Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                      Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                      There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                      1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                      2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                      3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                      4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                        \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                        LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                        LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                        NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                        \"\"\"\"<\/div>
                                                        LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                        LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                        LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                        LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                        \"\"
                                                        LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                        With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                        LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                        \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                        \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                        Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                        1 … 28 29 30 31 32 … 41

                                                        Most Read

                                                        Subscribe To Our Newsletter

                                                        By subscribing, you agree with our privacy and terms.

                                                        Follow The Distributed

                                                        Twitter Instagram Youtube LinkedIn Facebook RSS
                                                        ADVERTISEMENT
                                                        \n
                                                        \"\"
                                                        Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                        Is Etherscan Safe?<\/h2>\n\n\n\n

                                                        Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                        Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                        Who Owns Etherscan?<\/h3>\n\n\n\n

                                                        Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                        Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                        According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                        Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                        Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                        Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                        The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                        The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                        The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                        Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                        I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                        What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                        Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                        After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                        The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                        How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                        The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                        Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                        NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                        \"Data
                                                        Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                        Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                        There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                        1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                        2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                        3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                        4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                          \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                          LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                          LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                          NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                          \"\"\"\"<\/div>
                                                          LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                          LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                          LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                          LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                          \"\"
                                                          LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                          With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                          LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                          \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                          \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                          Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                          1 … 28 29 30 31 32 … 41

                                                          Most Read

                                                          Subscribe To Our Newsletter

                                                          By subscribing, you agree with our privacy and terms.

                                                          Follow The Distributed

                                                          Twitter Instagram Youtube LinkedIn Facebook RSS
                                                          ADVERTISEMENT
                                                          \n
                                                          \"\"
                                                          Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                          \"\"
                                                          Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                          Is Etherscan Safe?<\/h2>\n\n\n\n

                                                          Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                          Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                          Who Owns Etherscan?<\/h3>\n\n\n\n

                                                          Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                          Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                          According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                          Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                          Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                          Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                          The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                          The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                          The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                          Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                          I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                          What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                          Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                          After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                          The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                          How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                          The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                          Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                          NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                          \"Data
                                                          Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                          Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                          There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                          1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                          2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                          3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                          4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                            \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                            LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                            LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                            NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                            \"\"\"\"<\/div>
                                                            LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                            LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                            LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                            LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                            \"\"
                                                            LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                            With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                            LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                            \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                            Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            1 … 28 29 30 31 32 … 41

                                                            Most Read

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS
                                                            ADVERTISEMENT
                                                            \n
                                                            \"\"
                                                            Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                            \"\"
                                                            Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                            \"\"
                                                            Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                            Is Etherscan Safe?<\/h2>\n\n\n\n

                                                            Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                            Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                            Who Owns Etherscan?<\/h3>\n\n\n\n

                                                            Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                            Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                            According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                            Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                            Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                            Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                            The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                            The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                            The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                            Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                            I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                            What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                            Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                            After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                            The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                            How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                            The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                            Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                            NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                            \"Data
                                                            Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                            Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                            There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                            1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                            2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                            3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                            4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                              \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                              LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                              LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                              NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                              \"\"\"\"<\/div>
                                                              LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                              LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                              LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                              LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                              \"\"
                                                              LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                              With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                              LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                              \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                              \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                              Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                              1 … 28 29 30 31 32 … 41

                                                              Most Read

                                                              Subscribe To Our Newsletter

                                                              By subscribing, you agree with our privacy and terms.

                                                              Follow The Distributed

                                                              Twitter Instagram Youtube LinkedIn Facebook RSS
                                                              ADVERTISEMENT
                                                              \n

                                                              How To Use Etherscan<\/h2>\n\n\n\n
                                                              \"\"
                                                              Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                              \"\"
                                                              Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                              \"\"
                                                              Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                              Is Etherscan Safe?<\/h2>\n\n\n\n

                                                              Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                              Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                              Who Owns Etherscan?<\/h3>\n\n\n\n

                                                              Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                              Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                              According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                              Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                              Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                              Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                              The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                              The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                              The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                              Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                              I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                              What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                              Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                              After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                              The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                              How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                              The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                              Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                              NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                              \"Data
                                                              Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                              Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                              There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                              1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                              2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                              3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                              4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                                \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                                LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                                LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                                NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                                \"\"\"\"<\/div>
                                                                LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                                LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                                LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                                \"\"
                                                                LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                                LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                                \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                                \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                                Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                1 … 28 29 30 31 32 … 41

                                                                Most Read

                                                                Subscribe To Our Newsletter

                                                                By subscribing, you agree with our privacy and terms.

                                                                Follow The Distributed

                                                                Twitter Instagram Youtube LinkedIn Facebook RSS
                                                                ADVERTISEMENT
                                                                \n

                                                                To use it, simply enter any Ethereum address. After that, all available data for said address will be provided to you. The current balance and transaction history will be provided along with any gas fees and smart contracts associated with the address. <\/p>\n\n\n\n

                                                                How To Use Etherscan<\/h2>\n\n\n\n
                                                                \"\"
                                                                Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                                \"\"
                                                                Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                                \"\"
                                                                Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                                Is Etherscan Safe?<\/h2>\n\n\n\n

                                                                Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                                Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                                Who Owns Etherscan?<\/h3>\n\n\n\n

                                                                Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                                Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                                According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                                Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                                Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                                Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                                The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                                The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                                The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                                Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                                I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                                What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                                Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                                After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                                The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                                How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                                The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                                Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                                NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                                \"Data
                                                                Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                                There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                                1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                                2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                                3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                                4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                                  \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                                  LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                                  LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                                  NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                                  \"\"\"\"<\/div>
                                                                  LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                  LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                                  LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                                  LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                                  \"\"
                                                                  LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                  With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                                  LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                                  \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                                  \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                                  Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                  1 … 28 29 30 31 32 … 41

                                                                  Most Read

                                                                  Subscribe To Our Newsletter

                                                                  By subscribing, you agree with our privacy and terms.

                                                                  Follow The Distributed

                                                                  Twitter Instagram Youtube LinkedIn Facebook RSS
                                                                  ADVERTISEMENT
                                                                  \n

                                                                  Google is a seach engine that searches through all the data points on the internet, similarly Etherscan works as a search engine known as a blockchain explorer. Moreover, Like a standard search engine a blockchain explorer will search through all data on a given blockchain.<\/p>\n\n\n\n

                                                                  To use it, simply enter any Ethereum address. After that, all available data for said address will be provided to you. The current balance and transaction history will be provided along with any gas fees and smart contracts associated with the address. <\/p>\n\n\n\n

                                                                  How To Use Etherscan<\/h2>\n\n\n\n
                                                                  \"\"
                                                                  Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                                  \"\"
                                                                  Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                                  \"\"
                                                                  Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                                  Is Etherscan Safe?<\/h2>\n\n\n\n

                                                                  Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                                  Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                                  Who Owns Etherscan?<\/h3>\n\n\n\n

                                                                  Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                                  Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                                  According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                                  Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                                  Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                                  Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                                  The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                                  The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                                  The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                                  Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                                  I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                                  What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                                  Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                                  After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                                  The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                                  How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                                  The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                                  Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                                  NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                                  \"Data
                                                                  Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                  Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                                  There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                                  1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                                  2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                                  3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                                  4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                                    \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                                    LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                                    LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                                    NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                                    \"\"\"\"<\/div>
                                                                    LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                    LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                                    LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                                    LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                                    \"\"
                                                                    LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                    With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                                    LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                                    \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                                    \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                                    Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                    1 … 28 29 30 31 32 … 41

                                                                    Most Read

                                                                    Subscribe To Our Newsletter

                                                                    By subscribing, you agree with our privacy and terms.

                                                                    Follow The Distributed

                                                                    Twitter Instagram Youtube LinkedIn Facebook RSS
                                                                    ADVERTISEMENT
                                                                    \n

                                                                    How Etherscan Works<\/h2>\n\n\n\n

                                                                    Google is a seach engine that searches through all the data points on the internet, similarly Etherscan works as a search engine known as a blockchain explorer. Moreover, Like a standard search engine a blockchain explorer will search through all data on a given blockchain.<\/p>\n\n\n\n

                                                                    To use it, simply enter any Ethereum address. After that, all available data for said address will be provided to you. The current balance and transaction history will be provided along with any gas fees and smart contracts associated with the address. <\/p>\n\n\n\n

                                                                    How To Use Etherscan<\/h2>\n\n\n\n
                                                                    \"\"
                                                                    Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                                    \"\"
                                                                    Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                                    \"\"
                                                                    Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                                    Is Etherscan Safe?<\/h2>\n\n\n\n

                                                                    Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                                    Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                                    Who Owns Etherscan?<\/h3>\n\n\n\n

                                                                    Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                                    Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                                    According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                                    Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                                    Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                                    Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                                    The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                                    The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                                    The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                                    Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                                    I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                                    What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                                    Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                                    After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                                    The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                                    How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                                    The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                                    Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                                    NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                                    \"Data
                                                                    Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                    Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                                    There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                                    1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                                    2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                                    3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                                    4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                                      \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                                      LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                                      LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                                      NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                                      \"\"\"\"<\/div>
                                                                      LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                      LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                                      LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                                      LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                                      \"\"
                                                                      LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                      With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                                      LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                                      \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                                      \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                                      Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                                      1 … 28 29 30 31 32 … 41

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                                                                      \n

                                                                      Etherscan cannot be used as a wallet, it is simply a blockchain explorer.<\/p>\n\n\n\n

                                                                      How Etherscan Works<\/h2>\n\n\n\n

                                                                      Google is a seach engine that searches through all the data points on the internet, similarly Etherscan works as a search engine known as a blockchain explorer. Moreover, Like a standard search engine a blockchain explorer will search through all data on a given blockchain.<\/p>\n\n\n\n

                                                                      To use it, simply enter any Ethereum address. After that, all available data for said address will be provided to you. The current balance and transaction history will be provided along with any gas fees and smart contracts associated with the address. <\/p>\n\n\n\n

                                                                      How To Use Etherscan<\/h2>\n\n\n\n
                                                                      \"\"
                                                                      Firstly, go to Etherscan.io and you will see the search bar.<\/figcaption><\/figure>\n\n\n\n
                                                                      \"\"
                                                                      Next, put in any address you want to look at.<\/figcaption><\/figure>\n\n\n\n
                                                                      \"\"
                                                                      Hit search and you will see information such as transactions.<\/figcaption><\/figure>\n\n\n\n

                                                                      Is Etherscan Safe?<\/h2>\n\n\n\n

                                                                      Despite working to make data from decentralized networks easier, Etherscan is a centralized platform. If you want 100% reliable information on a contract the best place would be the node running the contract, obviously this may be hard and annoying to access as the data would have to be stripped from the blockchain itself.<\/p>\n\n\n\n

                                                                      Etherscan does this already for users, but because Etherscan is offchain it is not perfectly secure. Despite this fact, Etherscan is still the most trusted website for running data related to the Ethereum blockchain so it is safe to say it is pretty safe.<\/p>\n\n\n\n

                                                                      Who Owns Etherscan?<\/h3>\n\n\n\n

                                                                      Etherscan was founded by Matthew Tan, who is also the current CEO of the analytics platform. Currently, Etherscan has 20 developers<\/a> running the platform. The 'Etherscanners Team' is built around individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications Ethereum makes possible.((https:\/\/etherscan.io\/aboutus))<\/p>\n","post_title":"Etherscan Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"etherscan","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-06-02 22:10:04","post_modified_gmt":"2022-06-02 12:10:04","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4286","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4283,"post_author":"1","post_date":"2022-04-10 17:29:50","post_date_gmt":"2022-04-10 07:29:50","post_content":"\n

                                                                      Prospera, a jurisdiction of the Honduras Island Roat\u00e1n, and Madeira, Portugal are both adopting Bitcoin as de facto legal tender. <\/p>\n\n\n\n

                                                                      According to a report<\/a> by Forbes, residents from both territories will not have to pay capital gains tax on Bitcoin. <\/p>\n\n\n\n

                                                                      Prospera's president Joel Bomgar was joined by former Chief Strategy Officer of Blockstream<\/a> Samson Mow announcing that \"residents won\u2019t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency.\" <\/p>\n\n\n\n

                                                                      Alongside Mow and Bomgar, Miguel Alburquerque who is the president of Madeira's Regional Government joined the pair to announce the conditions for Maderia's adoption. Alburquerque announced that residents of Madeira won't need to pay personal income taxes when buying and selling Bitcoin.<\/p>\n\n\n\n

                                                                      Following In The Steps Of El Salvador<\/h2>\n\n\n\n

                                                                      The way to legalize Bitcoin as legal tender was paved by El Salvador, which officially\u00a0adopted Bitcoin<\/a>\u00a0as legal tender in September of 2021. Prospera and Madeira are the first two territories since El Salvador to adopt Bitcoin as legal tender.<\/p>\n\n\n\n

                                                                      The Distributed reported<\/a> in March that Lugano, Switzerland was set to make Bitcoin and Tether de facto legal tender. This is expected to be up and running within the next few months. These two territories have launched it before Lugano which is why they are the official two territories to adopt Bitcoin since El Salvador.<\/p>\n\n\n\n

                                                                      The launch of the first bitcoin bond, designed by Mow for El Salvador, was\u00a0postponed<\/a>\u00a0recently. This was due to \u2018unfavorable market conditions.\u2019<\/p>\n\n\n\n

                                                                      Starting from today, Prospera has enabled the \"other municipalities in Honduras or other companies or political subdivisions outside of the United States to float bitcoin bonds from within the Prospera jurisdiction,\u201d according to Bomgar, adding that this will be \u201can incredible way to bring foreign direct investments to the part of the world that needs it most,\u201d<\/p>\n\n\n\n

                                                                      I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira.<\/em><\/p>Miguel Alburquerque<\/cite><\/blockquote>\n","post_title":"The Two Latest Territories To Adopt Crypto As Legal Tender","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"the-two-latest-territories-to-adopt-crypto-as-legal-tender","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/lugano-switzerland-to-make-bitcoin-and-tether-legal-tender\/","post_modified":"2022-04-10 17:30:33","post_modified_gmt":"2022-04-10 07:30:33","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4283","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4247,"post_author":"1","post_date":"2022-04-07 20:36:33","post_date_gmt":"2022-04-07 10:36:33","post_content":"\n

                                                                      What Is NFT Wash Trading?<\/h2>\n\n\n\n

                                                                      Wash trading in regards to NFTs<\/a> is the process of buying and selling NFTs in a way to manipulate or mislead the market through artificially increased prices or heightened trading volume.<\/p>\n\n\n\n

                                                                      After the success of projects like CryptoPunks<\/a> and B.A.Y.C.<\/a>, users are keen to find the next big thing. Wash trading creates a false sense of urgency and demand for a certain project making it seem 'on the rise'. FOMO is a dangerous emotion to play in the markets, but investors will often overlook the small details.<\/p>\n\n\n\n

                                                                      The process usually occurs when one user buys their own NFT on a separate wallet. In turn, this gives their NFT an artificially raised price from what it was.<\/p>\n\n\n\n

                                                                      How To Identify Wash Trading In NFT Projects<\/h2>\n\n\n\n

                                                                      The most important thing is to always do your own research prior to any purchase, not just for NFTs. <\/p>\n\n\n\n

                                                                      Using a site like Etherscan<\/a> allows you to look at the history of the token, sites like Opensea<\/a> also have this feature within their platform. If you happen to see the same wallet within multiple transactions on the NFTs history, it is most likely a sign of wash trading.<\/p>\n\n\n\n

                                                                      NFT analytics site, CryptoSlam!<\/a> allows users to search for certain NFT projects. Under each project, there is a section showing the amount of money classified under wash sales in the project.<\/p>\n\n\n\n

                                                                      \"Data
                                                                      Data Depicting Wash Sales Within The Meebits Project - Source: CryptoSlam!<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                      Examples Of NFT Wash Trades<\/h2>\n\n\n\n

                                                                      There have been a lot of users who have come across this type of market manipulation, here are some examples.<\/p>\n\n\n\n

                                                                      1. CryptoPunk #9998 which sold for $530 million<\/a> using a flash loan. <\/li>
                                                                      2. \u00a0Meebit #13824<\/a> selling for over $49.5 million<\/a><\/li>
                                                                      3. A Coinbase employee was arrested over allegations including wash sales. ((https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8369-21))<\/li>
                                                                      4. 95% of the trading platform LooksRare's volume is derived from wash trading<\/a><\/li><\/ol>\n\n\n\n
                                                                        \nhttps:\/\/twitter.com\/cryptoslamio\/status\/1487114454848491524\n<\/div><\/figure>\n","post_title":"NFT Wash Trading Explained","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/cryptopunk-9998\/","post_modified":"2022-06-02 22:09:30","post_modified_gmt":"2022-06-02 12:09:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4247","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":4226,"post_author":"1","post_date":"2022-04-06 06:51:19","post_date_gmt":"2022-04-05 20:51:19","post_content":"\n

                                                                        LooksRare<\/a> is the 2nd largest<\/a> NFT marketplace by volume. Although 95% of its trading volume<\/a> is coming from users selling and buying their own NFTs.<\/p>\n\n\n\n

                                                                        LooksRare was launched on January 10th this year, within that time frame it has amassed over $22.5 billion in sales over 109,000 transactions according to Dune Analytics.<\/p>\n\n\n\n

                                                                        NFT analytics site CryptoSlam! reported<\/a> in January that over $8 billion worth of NFT sales can be classified under wash trading. Since then, around 95% of sales on the site, or around $20B can be linked to wash trading<\/a>.<\/p>\n\n\n\n

                                                                        \"\"\"\"<\/div>
                                                                        LooksRare Trading Volume With<\/a> \/ Without<\/a> Wash Trading - Source: Dune Analytics<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                        LooksRare was launched by two anonymous developers, Zodd and Guts, in January of 2022. Since its launch, LooksRare has grown to become the biggest alternative to\u00a0the leading NFT marketplace,\u00a0OpenSea<\/a>. Despite the decline in NFT sales this year, users are still finding ways to make a quick profit, ethical or not.<\/p>\n\n\n\n

                                                                        LooksRare Intentional Setup Of Wash Trading<\/h2>\n\n\n\n

                                                                        LooksRare came up with a genius trading rewards model<\/a> to help grow their site. LooksRare will offer token rewards in LooksRare Token ($LOOKS<\/a>) to users who buy and sell on their platform.<\/p>\n\n\n\n

                                                                        \"\"
                                                                        LooksRare Historical Trading Volume - Source: DappRadar<\/a><\/figcaption><\/figure>\n\n\n\n

                                                                        With this users can cheat the system. NFTs can be wash traded where the prices of the NFT would be inflated to the point that the $LOOKS reward would be enough to cover the Ethereum gas fees<\/a> and LooksRare's 2% marketplace fee. With this fact, LooksRare also provides staking rewards for users who stake $LOOKS on the platform, paid out in Wrapped Ethereum ($WETH<\/a>), this is an even larger reason for users to keep using the site.<\/p>\n\n\n\n

                                                                        LooksRare is aware of the fact this is happening. They retweeted <\/a>a tweet that called these tactics \"genius\" back near their launch in January, they also did not institute any methods at their launch to deter users from buying and selling their own NFTs at inflated prices.<\/p>\n\n\n\n

                                                                        \nhttps:\/\/twitter.com\/LooksRareNFT\/status\/1487018639949582336?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1487018639949582336%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F91510%2Flooksrare-has-reportedly-generated-8b-ethereum-nft-wash-trading\n<\/div><\/figure>\n\n\n\n

                                                                        \u201cIt seems that organic trading is indeed increasing in LooksRare. The difference between selling expensive NFTs like BAYC on LooksRare rather than OpenSea can become a 1-2 Ether difference that the seller saves. So it appears that the NFT community is slowly adopting other options outside the incumbent.\u201d <\/em><\/p>Pedro Herrera, Senior Data Analyst at DappRadar. <\/cite><\/blockquote>\n\n\n\n

                                                                        Although this success may not be long-lived. Wash trading in other markets is considered an illegal act. Chainalysis made a point of this in a report<\/a> and recommends LooksRare to discourage the activity of wash trading. As regulators<\/a> start taking closer looks into markets, these moves which seem fine now may eventually come back to hit the users even harder.<\/p>\n","post_title":"Wash Trading Makes Up 95% Of LooksRare Trading Volume","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"wash-trading-makes-up-95-of-looksrare-trading-volume","to_ping":"","pinged":"https:\/\/blog.chainalysis.com\/reports\/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering\/\nhttps:\/\/www.thedistributed.co\/gas-fees\/","post_modified":"2022-04-07 21:27:34","post_modified_gmt":"2022-04-07 11:27:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=4226","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                                        By subscribing, you agree with our privacy and terms.

                                                                        Follow The Distributed

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                                                                        \n