NFT $13 Million Tax Scandal Shakes Crypto Market!

Updated

April 15, 2025

Gambar NFT $13 Million Tax Scandal Shakes Crypto Market!

Jakarta, Pintu News – A Pennsylvania man recently pleaded guilty to federal charges of failing to report millions of dollars in profits from trading non-fungible tokens (NFTs).

This case highlights the importance of tax compliance in the sophisticated digital age and raises serious questions about the future of digital asset trading.

Check out the full news below!

Tax Fraud Through NFTs

Waylon Wilcox, aged 45, has pleaded guilty to filing false tax returns for 2021 and 2022, where he failed to report more than $13 million of income from NFT trading.

Wilcox mainly traded with the popular CryptoPunks collection, buying and selling 97 pieces. In his confession, Wilcox filed an incorrect tax return in April 2022, claiming much lower income than he earned in 2021.

This action reduced his tax bill by more than $2.1 million. He repeated a similar mistake in October 2023 for the 2022 tax year, avoiding an additional $1.1 million in taxes.

Case Details and Investigations

According to federal investigators, Wilcox earned about $7.4 million from the sale of 62 CryptoPunks in 2021 and another $4.9 million from 35 Punk sales in 2022. The Internal Revenue Service and its Criminal Investigation Division investigated the case.

Wilcox falsely answered “no” on both tax returns when asked if he had traded digital assets. This suggests a deliberate attempt to evade tax obligations on profits earned from trading NFTs.

Also read: 3 Reasons Why ETH Price Could Fall Further!

Impact on NFT Market

Wilcox’s case comes when the NFT market is already under pressure, with weekly sales volumes declining. According to a report from crypto.news, NFT sales volume fell 4.7% last week to $94.7 million.

In addition, NFT buyer and seller activity fell by over 75% each, and 2025’s first quarter trading volume fell 24% from the previous quarter. Even top-tier collectibles like CryptoPunks felt the pressure, with CryptoPunk #3100 being sold at a loss of $10 million.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News for the latest updates on crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference