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A crypto marketplace shut itself down over rampant counterfeiting

2022-02-13 00:00:00

Cent, a crypto marketplace apparently known for selling Jack Dorsey's first tweet, has shut itself down in response to counterfeiting that its CEO Cameron Hejazi says shouldn't be happening "…like legally."

Reuters:

The U.S.-based Cent executed one of the first known million-dollar NFT sales when it sold the former Twitter CEO's tweet as an NFT last March. But as of Feb. 6, it has stopped allowing buying and selling, CEO and co-founder Cameron Hejazi told Reuters.

"There's a spectrum of activity that is happening that basically shouldn't be happening – like, legally" Hejazi said.

…

Hejazi highlighted three main problems: people selling unauthorised copies of other NFTs, people making NFTs of content which does not belong to them, and people selling sets of NFTs which resemble a security.

He said these issues were "rampant", with users "minting and minting and minting counterfeit digital assets".
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