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Paris prosecutors said that five people were charged in France for fraudulently acquiring $2.5 million of valuable NFTs, digital certificates of ownership for artworks that can be traded online. The five young adults are accused of committing fraud as members of a criminal gang, concealing fraud, and criminal association.
Bored Ape NFT Theft
According to the prosecution, "non-fungible tokens" (NFTs) are believed to have been fraudulently obtained by the group between late 2021 and early 2022. They comprise several "Bored Ape" cartoon pictures of monkeys, some of the most well-known and popular digital art assets. According to research released earlier this year by Immunefi, a security company focusing on the blockchain-powered "web3" environment, bored ape NFTs worth approximately $14 million had been stolen from the marketplace OpenSea. According to investigators' statement on Wednesday, the French gang's loot is thought to be worth about $2.5 million in all.
Five Charged for the Fraud
Five victims of the fraud have been identified by the prosecution so far, one of whom lost possession of a Bored Ape valued at about a million dollars, according to the trial. Although others can still easily copy digital artworks like photographs or videos, NFTs use blockchain technology that powers cryptocurrencies like bitcoin to record the ownership of an asset. The NFT industry, which includes anything from computer game avatars to cartoon apes, is rife with scams, forgeries, thefts, and wash trading, just like the currency market. According to its deputy chairman Christophe Durand, France's OCLCTIC cyber-crime organization located the burglars after an Internet user named "ZachXBT" shared their inquiry online. https://twitter.com/zachxbt/status/1580233901234348034