On Oct. 6, 2021, the U.S. Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team to tackle investigations and prosecutions of criminal misuses of cryptocurrency. As the non-fungible token (NFT) market continues to expand, DOJ’s heightened focus on cryptocurrency has begun to encompass NFTs. Just as with any other market, a particular focus of DOJ’s efforts will be to identify and prosecute fraud. At the same time, fraudulent activity is becoming increasingly common in the NFT market. This paper provides an overview of common fraud typologies in the NFT market and steps NFT market actors can take to protect themselves from becoming victims of fraud or unwittingly facilitating fraud.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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