A non-fungible token (NFT) dealer might resist six years in jail after admitting he underreported almost $13 million in revenue from promoting CryptoPunks.
Based on a assertion launched by the U.S. Legal professional’s Workplace for the Center District of Pennsylvania on April 11, Waylon Wilcox, 45, pleaded responsible to 2 counts of submitting false particular person revenue tax returns.
Federal prosecutors stated Wilcox didn’t report greater than $8.5 million in revenue on his 2021 tax return. This resulted in an unpaid tax invoice of about $2.18 million.
He additionally underreported almost $4.6 million in revenue on his 2022 tax return, reducing his tax due by roughly $1.09 million.
Wilcox earned most of this cash by shopping for and promoting 97 CryptoPunks NFTs over two years. In 2021, he offered about 62 NFTs, incomes round $7.4 million. In 2022, he offered 35 extra for about $4.9 million.
Authorities stated Wilcox falsely claimed on his 2021 tax return that he had no monetary exercise involving digital foreign money. The shape requested, “At any time in 2021, did you receive, sell, exchange, or otherwise dispose of financial interest in any virtual currency?” He marked “no.” He gave the identical false reply in 2022.
Wilcox entered his responsible plea in Cumberland County on October 10, 2023. Below federal legislation, the utmost sentence for the offenses consists of as much as six years in jail, supervised launch, and a effective.
