| Resumo: | This article analyzes the practice of wash trading in the cryptocurrency and NFTs market, examining to what extent such conduct can be classified as an economic crime under Brazilian law, as well as discussing the evidentiary difficulties associated with simulated transactions on blockchain. Wash trading consists of artificial operations, usually staged by the same agent (or group of agents), aimed at inflating trading volumes and manipulating prices, thereby creating a deceptive perception of liquidity and value. This mechanism, already known in traditional financial markets, takes on new dimensions in digital environments due to the decentralization and anonymity of cryptocurrencies, non-fungible tokens (NFTs), and, more recently, transactions involving the metaverse. In view of the absence of an autonomous criminal provision for digital market manipulation in Brazil, it is noted that the effective repression of wash trading encounters legal uncertainties, issues of scope delimitation (whether cryptoassets are securities or not), and technical proof challenges due to blockchain technology and the pseudonymous nature of transactions. The article concludes by emphasizing the need for normative improvements, the creation of specific criminal provisions, and the strengthening of international cooperation to effectively combat fraud that affects the emerging crypto market and investor security.
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