Not a new thing. Open game, few rules, for some reason (whatchawannabet laundering) game items are a big trade in real money, and no or negative scruples.
You will find the best and worst of human beings in that game world. You can commit any crime imaginable there (except of course, sex crimes) and it is all perfectly legal in the game framework. Only thing that's truly illegal is real-money transactions for in-game items. There are a few other things like abusive language or threats, but like anywhere else, the powers-that-be are pretty selective of what they'll enforce. Particularly if it involves a cash-paying player with multiple accounts.