NFT trader can face up to 6 years for tax fraud on CryptoPunk

Waylon Wilcox, a known NFT trader, pleaded guilty to filing false tax returns for the years 2021 and 2022

In 2021, he sold 62 CryptoPunk, earning approximately $7.4 million, and in 2022 — 35 NFTs for about $4.9 million. According to the prosecutor's office, Wilcox understated his income by $8.5 million and $4.6 million respectively, which reduced his tax liabilities by $2.1 million and $1.1 million

Federal prosecutors warn that for these crimes, the trader could face up to 6 years in prison and significant fines.