June 1 • 2021

NFT (and its risks) on the rise

Cybercrime is low risk, low investment, and high return. Not surprisingly, illegal financial gain is one of the biggest reasons for cyber-attacks. The result is a predicted USD 10 Trillion of damages by 2025. Our vision is to change that.

In the physical art world, centralized databases, such as the Stolen Art Registry, have played an important role in combating this form of money laundering.

However, there is currently no such database for NFTs, making it impossible to track bad guys who buy and sell them.

That’s why CYBERA is already working on expanding its watchlist to include NFTs.

If we can warn the NFT-ecosystem about fraudulent transfers of NFTs in real-time, we can significantly reduce the use of this technology for criminal ends.

Read the comments in the LinkedIn Post from NFT experts who shared their thoughts on this.