Mysterious $1.6M Purchase of $1K NFT Via Sanctioned Tornado Cash Raises Money Laundering Concerns

A CrypToadz NFT worth around $1,000 was bought for $1.6 million in Ethereum.

The purchase was made anonymously via a wallet linked to Tornado Cash, an Ethereum coin mixing service.

Tornado Cash is used to anonymize transactions and is popular with scammers to launder funds.

The NFT was bought for $1,600 just two weeks earlier, raising questions of wash trading.

U.S. sanctioned Tornado Cash in 2022 for enabling money laundering, but it is still used for illicit activities.