CryptoPunk Trader Admits Hiding $13M NFT Profit From IRS, Faces Prison Time
- NFT trader Waylon Wilcox failed to report $13M in NFT profits over two years.
- IRS says he falsely claimed no digital asset transactions.
- Wilcox faces up to six years in prison and hefty fines.
NFT trader Waylon Wilcox has pleaded guilty to underreporting nearly $13 million in profits from trading CryptoPunk NFTs. The Pennsylvania resident now faces up to six years in prison after admitting to filing false tax returns in 2021 and 2022.
According to the Federal prosecutors, Wilcox sold 62 CryptoPunk NFTs in 2021, earning around $7.4 million and an additional $4.9 million from 35 sales in 2022. Yet, he reported substantially lower income amounts to the Internal Revenue Service (IRS).
Related: No Crypto Tax? White House ‘Czar’ Shoots Down Transaction Fee
How False Tax Filings Hid Millions in CryptoPunk Gains
In April 2022, Wilcox filed a false return for 2021, underreporting $8.5 million in income and reducing his tax bill by about $2.1 million. In a repeat of his earlier move, Wilcox repeated this underreporting in October 2023. He underreported $4.6 million in income for 2022 and avoided roughly $1.1 million in taxes.
According to the U.S. pros…
The post CryptoPunk Trader Admits Hiding $13M NFT Profit From IRS, Faces Prison Time appeared first on Coin Edition.
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CryptoPunk Trader Admits Hiding $13M NFT Profit From IRS, Faces Prison Time
- NFT trader Waylon Wilcox failed to report $13M in NFT profits over two years.
- IRS says he falsely claimed no digital asset transactions.
- Wilcox faces up to six years in prison and hefty fines.
NFT trader Waylon Wilcox has pleaded guilty to underreporting nearly $13 million in profits from trading CryptoPunk NFTs. The Pennsylvania resident now faces up to six years in prison after admitting to filing false tax returns in 2021 and 2022.
According to the Federal prosecutors, Wilcox sold 62 CryptoPunk NFTs in 2021, earning around $7.4 million and an additional $4.9 million from 35 sales in 2022. Yet, he reported substantially lower income amounts to the Internal Revenue Service (IRS).
Related: No Crypto Tax? White House ‘Czar’ Shoots Down Transaction Fee
How False Tax Filings Hid Millions in CryptoPunk Gains
In April 2022, Wilcox filed a false return for 2021, underreporting $8.5 million in income and reducing his tax bill by about $2.1 million. In a repeat of his earlier move, Wilcox repeated this underreporting in October 2023. He underreported $4.6 million in income for 2022 and avoided roughly $1.1 million in taxes.
According to the U.S. pros…
The post CryptoPunk Trader Admits Hiding $13M NFT Profit From IRS, Faces Prison Time appeared first on Coin Edition.
Read More
Base is for everyone Launches Big, But Content Coins Face Skepticism