Waylon Wilcox, a 45-year-old trader, pleaded guilty to concealing profits from the sale of 97 CryptoPunk tokens, which led to charges against him in the United States. According to the Pennsylvania state prosecutor’s office, Wilcox filed false tax returns for the years 2021 and 2022.
This is reported by Бізнес • Медіа
According to case documents, the trader earned approximately $13 million from NFT trading. In 2021, he sold 62 CryptoPunk tokens for $7.4 million, and in 2022, he added another 35 tokens, earning $4.9 million. However, in his tax returns, Wilcox significantly underreported his income, reducing his taxable income by more than $3.2 million.
Sanctions and Importance of the Case
The U.S. Department of Justice reported that the maximum penalty in this case is six years of imprisonment, along with possible supervised release and fines. The specific length of the sentence has not yet been determined.
Investigators note that Wilcox’s case highlights the importance of combating tax crimes related to virtual assets. The Internal Revenue Service (IRS) is actively investigating such cases, analyzing tax evasion schemes involving cryptocurrencies and NFTs.
“The IRS criminal investigation is focused on uncovering complex financial schemes involving virtual currencies and NFT transactions designed to conceal taxable income,” said special agent Yuri Krutoy from the Philadelphia field office.
Market Reaction
Authorities emphasize the need for compliance with legislation in the digital asset space, especially amid growing interest in NFTs and cryptocurrencies. It was previously reported that the developer of the OpenSea platform reached out to the U.S. Securities and Exchange Commission for clarification on the status of NFT marketplaces.