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Reuters Publishes Ian McGinley Article on Potential NFT Indictments

February 7, 2021

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Reuters has published the article “Expect indictments in the NFT space soon” written by Akin Gump white collar partner Ian McGinley. The article discusses non-fungible tokens (NFT) and the potential criminal litigation to arise in that market.

In the article, McGinley notes that the NFT market is growing exponentially, with some estimating that, in 2021, trading in the sector reached $22 billion, compared to $100 million the previous year. The U.S. Department of Justice (DOJ) has established the National Cryptocurrency Enforcement Team comprising dedicated prosecutors focused on a wide array of crimes, including NFT fraud. McGinley added that, with the rise of “insider trading in NFT marketplaces, manipulation of NFT prices, and NFT creators embezzling funds,” he expects that the DOJ will be looking for opportunities to bring prosecutions in this area.

To read the full article, click here.

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