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submitted 1 month ago by stabby_cicada@slrpnk.net to c/memes@slrpnk.net

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[-] NateNate60@lemmy.world 2 points 1 month ago

getting their huge sums out of crypto and into something they can use (while thousands watch the money like hawks) is much harder

That, my friends, is what NFT are is perfect at.

"Oh, what, tax authority? No, I didn't steal this money. I earned it legit by selling my newly-minted monkey NFT to some sucker for 100 ETH."

[-] tyler@programming.dev 1 points 1 month ago

That gets your money into crypto, not out of it.

[-] NateNate60@lemmy.world 0 points 1 month ago

The full scheme works like this—

Acquire dirty (criminally-obtained) cash or dirty crypto. You can convert dirty cash into crypto easily by buying peer-to-peer. Deposit this into Wallet A.
Using a different wallet, Wallet B, mint an NFT and put it up for auction. You might consider paying a small sum of money to have it "sponsored" by a B-tier celebrity to make it seem more legitimate.
Using the Wallet A, outbid everyone else and buy the NFT. Pay using the dirty crypto.
Dirty crypto is transferred to Wallet B.
Repeat this process as many times as desired.
In the end, sell the crypto legitimately on a cryptocurrency exchange. Declare the crypto as income and pay tax as appropriate.
If questioned by the authorities, you claim that you mint NFTs and that they were sold genuinely at public auction, purchased by an anonymous buyer.

[-] tyler@programming.dev 1 points 1 month ago

You go ahead and do that and see how it turns out.

this post was submitted on 05 Oct 2024

494 points (89.6% liked)

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