🟡 NFT trader faces criminal charges — $13M profit from CryptoPunks hidden from tax authorities
• American Waylon Wilcox pleaded guilty to concealing nearly $13 million in profits from NFT transactions from the CryptoPunks collection
• In 2021-2022, he understated his income by millions — in 2021 he sold 62 NFTs for a profit of $7.4 million, and in 2022 another 35 for $4.9 million
• When filing tax returns, he claimed that he had not conducted digital asset transactions — which turned out to be a lie
• He now faces up to 6 years in prison, a hefty fine, and supervision after release
• This is one of the first major cases where the IRS and U.S. prosecutors are targeting NFT speculators
🟡 For the cryptocurrency market as a whole — a signal that the IRS is tightening control, especially against the backdrop of new rules for DeFi and CEX, effective from 2024
📢 Stop chasing the market — start outpacing it 💼
