CryptoSlam Detects $577M Worth of Wash Trade Blur-Linked NFT Sales

1. CryptoSlam Detects US$577 Million of Blur-Linked NFT Sales Worth of Wash Trade.
2. Traders have until April to get listing and bidding points on Blur.
3. 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).

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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.

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