🚨 NFT Trader Faces Prison for $13M CryptoPunk Tax Fraud
A 45-year-old NFT trader has pleaded guilty to underreporting nearly $13 million in profits from trading CryptoPunks, potentially facing up to six years in prison.In 2021, he sold 62 CryptoPunk NFTs for approximately $7.4 million, followed by 35 more in 2022 for an additional $4.9 million.However, he failed to report these earnings accurately on his tax returns, significantly reducing his tax liabilities.The IRS emphasized the importance of compliance in the evolving digital asset space, underscoring that tax obligations apply equally to virtual currency transactions.