"Hmm, why do individuals want to buy NFTs that are more expensive than the original price?"
As the demand for non-fungible tokens (NFT) weakens, CrypToadz #4030 finally managed to sell for $1.6 million on the OpenSea market in Wrapped Ethereum (WETH) cryptocurrency via Tornado Cash.
The amount paid was higher than the usual rate after the seller had placed the price of 0.53 ETH worth $835 and then rose slightly to $940, but the buyer was willing to pay more than a million dollars for the PFP project.
Through observation, the CrypToadz NFT buying wallet was funded with 1,116 ETH worth $1.76 million from another wallet, then the wallet received 1,200 ETH worth $1.9 million from the ETH Tornado Cash coin mixing service in September 2023.
Tornado Cash is an automated service that allows users to flow their crypto from wallets by mixing funds from multiple users into a pool.
Oh geez this doesn't look good. A Cryptoadz NFT sells for $1,660,000 (1,055 ETH).
There were $41,500 in fees paid to OpenSea which makes me think it was a fat-finger error.
The floor price for the Toadz is 0.5 ETH.
ht @gangnam_eth pic.twitter.com/h8bPTCj2la
— NFTstats.eth (@punk9059) October 9, 2023
There is no denying that Tornado Cash has allowed users to transact crypto without having to worry about surveillance, but the authorities see it as one of the methods of money laundering.
Therefore, the service has been banned in the United States (US) following being blocked by the Treasury Department in 2022.
So here it can be seen that the NFT buyer who used Tornado Cash to channel a large amount of ETH into the funding wallet has tried to launder trades through the purchase of NFT to further complicate the flow of funds between crypto wallets and assets.
