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Re:Twelve-year-old boy makes £290k from whale NFTs by asdfasgasdgasdg on Friday August 27, 2021 @08:16AM (#28326818)
That would be fraud, though, right? And probably some kind of securities crime into the bargain?
Re:Twelve-year-old boy makes £290k from whale NFTs by lotsofpulp on Friday August 27, 2021 @08:22AM (#28326879)
Who was defrauded? “Journalists” and “journalism” websites want clickbait.

The whole purpose is to give the “journalist” just enough plausible deniability to write a clickbait headline, which benefits CNBC/BBC and the person selling within their family.

As far as I know, misleading “news” is not illegal.

Re:Twelve-year-old boy makes £290k from whale NFTs by MD87 on Friday August 27, 2021 @11:30AM (#28329095)
No-one needs to be defrauded to make out an offence of Fraud in the UK.

"Fraud by false representation" happens when someone dishonestly makes a false representation with the intent to make a gain for themselves or another. Making up a news story to flip NFTs would almost certainly amount to a crime of fraud by false representation.

Re:Twelve-year-old boy makes £290k from whale NFTs by em-bee on Friday August 27, 2021 @09:33AM (#28327599)
it's fake news
Re:Twelve-year-old boy makes £290k from whale NFTs by klipt on Friday August 27, 2021 @08:29AM (#28326951)
Yes it's called Painting the Tape and is illegal in the US and prohibited by the SEC: https://www.investopedia.com/terms/p/paintingthetape.asp
Re:Twelve-year-old boy makes £290k from whale NFTs by alex_c on Friday August 27, 2021 @08:43AM (#28327070)
Does this apply to cryptocurrencies?
Re:Twelve-year-old boy makes £290k from whale NFTs by em-bee on Friday August 27, 2021 @09:36AM (#28327630)
most cryptocurrencies are considered securities, so yes. but this is an NFT. not sure where things stand there, but if they are being traded like currencies, then my bet is on NFTs being securities too.
Re:Twelve-year-old boy makes £290k from whale NFTs by woleium on Friday August 27, 2021 @01:24PM (#28330543)
not yet
Re:Twelve-year-old boy makes £290k from whale NFTs by AnIdiotOnTheNet on Friday August 27, 2021 @08:21AM (#28326873)
You say that like the finance world would never commit fraud or securities crime, even when given an unregulated market to work with.
Re:Twelve-year-old boy makes £290k from whale NFTs by asdfasgasdgasdg on Friday August 27, 2021 @12:11PM (#28329567)
I don't know how I "said that like" anything. I was just expressing curiosity about the legality of the described behavior.