The United States prosecutor found Waylon Wilcox, crypto and an investor in non-bubilizable token, guilty of producing false income statements. During the declaration of annual income of individuals, the NFT trader deliberately omitted $ 13 million in revenue from its NFT cryptopunks sales. Based on the United States tax laws, the NFT Cryptopunks trader attracts up to six years’ imprisonment and a fine.
NFT Trader billed tax fraud of more than $ 13 million
In a press release on April 11, the United States prosecutor’s office, Middle District, Pennsylvania, confirmed that he had found Waylon Wilcox, a 45-year-old trader from Dillsburg, Pennsylvania, guilty of producing false income statements. Based on the accusation sheet presented in court on April 12, 2022, Wilcox produced individual income declarations for 2021 and deliberately omitted $ 2 million in turnover.
On April 11, 2025, Waylon Wilcox of Dillsburg, Pennsylvania, United States, pleaded guilty to two (2) accusation of false income statements in the United States Internal Service.
Mr. Wilcox lied to the United States Internal Revenue Service concerning his… pic.twitter.com/jvkkmsxbah
– VX-Underground (@vxunderground) April 13, 2025
In 2022, Wilcox produced its annual income declarations by around $ 4,599,532 and again reduced its tax by approximately $ 1,098,623. Wilcox has obtained most of this unconnected income after having acquired and sold 97 pieces of cryptopunks. In 2021, Wilcox sold around 62 punks for a total of $ 7,402,935. In 2022, Wilcox sold around 35 NFTS cryptopunks for a total of about 4,899,180 $.
Launched in 2017, Cryptopunks is a collection of non -bubilizable tokens with a limited offer of 10,000 unique art characters 24 × 24 pixels stored on the Ethereum blockchain. NFT punks have gained popularity, becoming a symbol of digital art and the collection. Each Cryptopunk NFT is unique, with random generated attributes such as clothing, accessories and hairstyles. Punks were initially created by the digital asset company Larva Labs, but are now managed by the digital asset company Yuga Labs.
NFT Trader “Wilcox” faces a 6 -year prison sentence
On the basis of the tax laws of the United States, when a taxpayer sells an NFT, including a cryptopunk, it must report the product of sales and any gains or losses of the sale of the NFT on its tax return. In his annual file on income declarations, Wilcox falsely answered “no” to the question “at any time in 2022, have: (a) receive (as a reward, award or payment for ownership or services); or (b) sell, exchange, give or have a digital asset (or financial interest in a digital asset)? ” This deliberate action attracted a sentence of six years in prison.
The Wilcox tax fraud case has been investigated by the Internal Internal Service, Criminal Investigation. Deputy American Prosecutor David C. Williams continued the case. The merchant NFT Wilcox joins an increasing list of crypto and NFT investors who were indicated on cryptographic fraud, including the former boss of the FTX CEX, Sam Bankman Fried. While commenting on the case, Yury Kruty, the special agent of the Philadelphian field office in charge, pointed out:
“The IRS criminal investigation undertakes to unravel complex financial regimes involving virtual currencies and non -tumbled token (NFT) transactions designed to hide the taxable income. In the economic environment of today, it is more important than ever that the American people are confident than everyone concluded according to the rules and the pay of the taxes they owe. ”
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