A certain NFT trader faces up to six years in prison for tax fraud due to concealing a profit of 13 million US dollars
According to Cointelegraph, based on information from the U.S. Attorney's Office for the Middle District of Pennsylvania, an NFT trader has pleaded guilty to underreporting nearly $13 million in profits from CryptoPunks trades and could face up to six years in prison.
On April 11, federal prosecutors stated that Waylon Wilcox admitted to submitting false personal income tax returns for the tax years 2021 and 2022. The former CryptoPunks investor pleaded guilty on April 9 to two charges of submitting false personal income tax returns.
As early as April 2022, Wilcox submitted a false personal income tax return for the 2021 tax year, underreporting about $8.5 million in income and underpaying taxes by approximately $2.1 million. In October 2023, Wilcox submitted another false return for the fiscal year of 2022, underreporting pre-tax income by about $4.6 million and underpaying taxes by nearly $1.1 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin plunged nearly $2,000 in 20 minutes, about $400 millions in long positions liquidated.
According to the data, on October 6, 2026, bitcoin fell more than 5% during the session, plummeting nearly $2,000 within about 20 minutes, resulting in the liquidation of approximately $400 million in leveraged long positions.
AI cloud startup Lambda, backed by Nvidia, races toward IPO: planning to raise up to $4 billions in the final pre-listing round, with a valuation of $14.5 billions
Cloud computing company Lambda, backed by NVIDIA, is launching its final funding round before its IPO, aiming to raise up to 4 billion US dollars.
United States Dollar Index retakes 102.00 as bulls eye YTD peak ahead of FOMC Minutes
McDonald's (MCD.US) sued over AI pricing tool, accused of facilitating algorithmic collusion among U.S. franchisees
McDonald's (MCD.US) is facing a federal lawsuit. The complaint alleges that its AI-enhanced pricing tool violates antitrust laws by sharing non-public data with franchisees who may compete in the same market.
Crypto prices
More
