🔥 NFT Trader Faces Up to 6 Years in Prison for Tax Fraud 🔥

NFT trader Waylon Wilcox has pleaded guilty to underreporting $13 million in profits from CryptoPunks trades. The tax fraud involved false filings with the Internal Revenue Service (IRS) for the 2021 and 2022 fiscal years, significantly reducing the taxes owed2.

Wilcox sold 62 CryptoPunk NFTs in 2021, earning approximately $7.4 million, and another 35 in 2022, totaling $4.9 million. However, he reported much lower figures to the IRS in an attempt to evade proper tax payments2.

Now, the trader faces up to 6 years in prison, along with potential fines and supervised release. The case highlights the increasing scrutiny of digital asset transactions and NFTs, as authorities ramp up efforts to combat tax evasion in the sector2.

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