- CryptoSlam Detects US$577 Million of Blur-Linked NFT Sales Worth of Wash Trade.
- Traders have until April to get listing and bidding points on Blur.
- CryptoSlam has been watching the strange occurrence over the last week.
With the launch of the Blur marketplace on February 14 and the distribution of the platform’s native tokens through an airdrop, CryptoSlam has unearthed at least $577 million worth of wash-traded non-fungible tickets (NFT).
Read CRYPTONEWSLAND on
google news
Data engineer at NFT data tracker CryptoSlam, Scott Hawkins, claims that the observed wash trades exhibited suspicious patterns, such as NFT resales within a short period at values similar to the assets’ initial transactions. According to the behavior, some Blur users have been selling NFTs to themselves using separate wallets to obtain Blur tokens and earn points for airdrops.
On the other hand, Traders have until April to get listing and bidding points on Blur, which maintains track of the top candidates via its airdrop scoreboard. Users then get BLUR through an airdrop, which can be traded on controlled and decentralized cryptocurrency exchanges.
Interestingly, Blur surpassed rival OpenSea’s sales volume, which had been the highest in the market, thanks mainly to the increase in NFT sales volume primarily highlighted as artificial by CryptoSlam. However, the worldwide sales volume has increased significantly since January 2022 thanks to the wash transactions, creating a perception of a booming NFT market.
According to Hawkins, CryptoSlam has been watching the strange occurrence over the last week and has spent the previous few days modifying its algorithm to detect wash trades, which it then applies retrospectively.
The data aggregator claims the new upgrade will prevent wash transactions from being included in future global measurements. In addition, the algorithms in CryptoSlam can also detect and report on individual wash trades and the actions of potentially malicious wallets.
Read Also :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
