According to Cointelegraph: In the ever-booming NFT market, a recent transaction raised eyebrows as an anonymous user procured a CrypToadz non-fungible token (NFT) for a whopping 1,055 Wrapped Ethereum (WETH), amounting to approximately $1.6 million. The staggering transaction transpired on the OpenSea marketplace on October 9.
The specific CrypToadz NFT, characterized as a diminutive, wart-ridden amphibious creature, is one of the 6969 pieces embarked on by digital artist Gremplin, who maintains anonymity. The CrypToadz collection was unveiled amidst the NFT buzz in 2021 and managed to achieve a trading volume of over 12,000 ETH or $38 million within the first ten days of its market debut.
Yet, the eye-watering price paid for the NFT by the undisclosed user has sparked speculation within the community. Just a fortnight ago, the same item had been bagged for a relatively measly 0.95 ETH, equivalent to roughly $1600, making the recent transaction's value a thousandfold higher. Adding to the mystery is the fact that the funds for the purchase originated from a digital wallet, which is a part of a transaction chain anonymized by the Ethereum coin mixing service, Tornado Cash. This wallet reportedly received 1,115.9 ETH ($1.6 million) on October 5.
Though some users on Twitter dismiss the unusual transaction as a potential "fat finger mistake," the significant price difference prompts suspicions of wash trading, a strategy commonly used to launder money from questionable sources through numerous deals and exchanges.
Tornado Cash has gained a reputation in facilitating such activities, attracting a user base keen on obfuscating their funds' origins. Such activities stirred the United States Office of Foreign Assets Control (OFAC) to impose sanctions on the crypto mixer in August 2023 for allegedly aiding in laundering proceeds from criminal activities. Despite these measures, the mixer continues to be utilized, most notably in July 2023, when stolen Ether, amounting to almost $60 million, from AnubisDAO was funneled through Tornado Cash.
