CryptoPunk NFT Seller Convicted for Filing False Tax Returns

NFT CryptoPunk Dealer Confesses Guilty of Filing False Tax

A person allegedly has recently pleaded guilty for false tax returns filed for his NFT sales.
NFTs has been under heavy scrutiny from regulators over the last few months.

Crypto market experienced a light bullish weekend, good news for the investor. Bitcoin bounces back to $86K as the crash that happened last week. Since it has gone back to $84K lately, it has brought the hope of the market recovery.

Also, Trump’s memecoin, Official Trump, is preparing to drop more tokens this week. On the other hand, in Pennsylvania state, one crypto trader is being accused by a federal court. He has confessed to hiding 97 CryptoPunk NFT deals from 2021-2022.

The report states that Waylon Wilcox had not paid tax on the $13m profits he made from selling CryptoPunks. He stated selling 62 Punks in 2021, and 35 in 2022, The total of 97 different NFTs took him to the mentioned above profits.

He could be sentenced up to 6 years in the felony as per the Pennsylvania DOJ. A spokesperson pointed out the law, “seeks out complex financial arrangements incorporating virtual currencies and non-fungible token (NFT) transactions aimed at concealing taxable income.”

Is America’s Regulatory Scene Paying Attention to NFT?

In the past couple of months, the NFT market has come back from the dead. The space had nearly gone to sleep after the crash of 2022. However recent couple of instances indicate that it could be gaining up with several fresh projects in pipeline. This has also drawn the attention of the authorities, apart from this.

OpenSea, one of the largest NFT platforms lately asked the SEC for the added clarity in rules in the industry. At present, there has been little regulation from the U.S. regulator about the Non Fungible tokens, therefore discouraging investors and project owners.

But as you look outward to the rest of the administration, people have a very good view of these digital assets. David Sacks, Crypto Czar, was seen stating in January 2025 that NFTs were collectibles.