money / 85 posts found
NFT Flippers: Tales of Woe and Triumph
In an unprecedented bull market where 65 percent of all secondary sales deliver a profit, it’s a good time to be a flipper. Hop into any Discord and you’ll hear stories of over 1,000 percent gains overnight. Even famous NFT owners are getting in on it; Steve Aoki, for example, flipped his CryptoPunk #6473 in one month for a 235 ETH profit (over $900,000 USD at the time). Consider these stats from The Chainalysis 2021 NFT Report: 20% of the user addresses on OpenSea account for 80% of secondary NFT sales 5% of all active addresses account for 80% of […]
NFTs and Charity: What to Know About Deductions and Tax Hurdles
For many, tax season is finally behind us. While it’s nice to take a breath, it’s also never too late to start thinking about next year’s filings — especially if you continue to invest in NFTs and crypto. Whether you’re in that group, or filed for an extension and still have time to submit your information, this guide will help you take a closer look at your crypto and NFT investments, including the potential tax implications associated with capital gains, losses, and charitable crypto donations. NFT purchases and subsequent sales Joe Biden’s $1.2 trillion infrastructure bill, which goes into effect […]
$34M Locked in a Smart Contract. Was the Akutars Exploit Avoidable?
Last Friday (April 22), Micah Johnson’s anticipated Akutars project launched to great fanfare. Unfortunately, things went sideways quickly. Soon after collectors began flooding the website to take part in the drop, an issue with the project’s smart contract caused a fiasco that ultimately resulted in the loss of a staggering $34 million. While events have since been set in motion to continue the awaited drop and potentially recoup losses, the launch is already being seen as a cautionary tale — one that has greater implications on the NFT ecosystem at large. A preview of Akutars NFTs What happened with Akutars? […]
How Ethereum NFTs Could Provide a Safe Haven From Crypto Market Volatility
The crypto market is (and always has been) noticeably volatile. This isn’t new information. Considering the fact that crypto prices are influenced directly by supply and demand, investor sentiments, government regulations, and more (including Elon Musk’s tweets), traders have continued close study of the market in hopes of maximizing gain and minimizing loss. But when it comes to the NFT market, it’s an entirely different ballgame. Does this feel counterintuitive? Kind of. It would make sense if non-fungible tokens (NFTs) were inherently tied to crypto prices. Right? Well, as the NFT ecosystem has grown and evolved, market researchers have become […]
Scams Explained: What Are Rug Pulls? Are They a Crime?
Back in March of 2022, the U.S. Department of Justice (DOJ) charged Frosties founders Ethan Nguyen (“Frostie”) and Andre Llacuna (“heyandre”) with conspiracy to commit fraud and conspiracy to commit money laundering in what is considered to be the agency’s first NFT “rug pull” bust. The ice-cream-themed project, which was heavily marketed as a “cool, delectable, and unique” collection of 8,888 NFTs, also promised investors raffles, merch, and a “special fund to ensure the Frosties’ longevity.” They didn’t exactly live up to these promises. Following a two-month investigation, prosecutors in the Southern District of New York arrested and charged Nguyen, […]