An American man from Pennsylvania risks up to six years in prison after pleading guilty of producing false income statements to the Inland Revenue Service (IRS) which has hidden millions of dollars in income from NFT Cryptographic Punks.
Before the Federal Court on April 9, Waylon Wilcox, 45, admitted that he underestimated more than $ 13 million in revenues of 97 Crypto Punks transactions between 2021 and 2022.
Guy made $ 13 million by turning the pixelated NFT – launched the IRS “lol, never heard of crypto”
Waylon Wilcox, 45, of Pennsylvania, pleaded guilty for hiding more than $ 13 million in profits from the transmission of 97 NFTS cryptopunks – does not bring anything to the IRS in 2021 and 2022.
But when the tax time came? … pic.twitter.com/rjacf8z6iu
– Mario Nawfal (@marionawfal) April 12, 2025
Guy made $ 13 million by turning the pixelated NFT – launched the IRS “lol, never heard of crypto”Wilcox was a punk whale that sold 62 NFT to their peak
Wilcox has reduced its underestimated tax bill more than $ 13 million in cryptographic punks by more than $ 3.2 million, according to the American prosecutor’s office for the Pennsylvania midfielder.
According to court documents, Wilcox sold 62 punks in 2021 for $ 7.4 million. The man of Pennsylvania then sold 35 others in 2022 for approximately $ 4.9 million.
Prosecutors say that false statements have enabled him to dodge $ 2.18 million in 2021 and $ 1.09 million in 2022. However, Wilcox would have checked the “ “ ” box during his income statements in 2021 and 2022, which he had eliminated digital assets.
According to the press release, the prosecutors declare that the false statements enabled him to dodge $ 2.18 million in taxes in 2021 and 1.09 million dollars in 2022.
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“The IRS Criminal Investigation has undertaken to unravel complex financial regimes involving virtual currencies and non -tumbled token transactions designed to hide a taxable income,” said Yury Kruty, special agent of the Philadelphia field office in charge, in the press release.
They added: “In the economic environment today, it is more important than ever that the American people are confident than everyone concluded according to the rules and pays the taxes they owe.”
The Pennsylvania lawyer’s office warned that when an individual sells an NFT, he must report the sales of sales and any gain or losses of the sale of the assets on his tax return.
Wilcox faces a sentence of up to six years in prison for the charges against him. He will also face a supervised release term and a fine under federal law.
Crypto punks down more than 85% of the summit while Wilcox has sold the top
(Coingecko)
Although he risks a prison sentence and a heavy fine, Waylon Wilcox sold his Crypto punks during their peak in 2021 and 2022.
Today, they have a floor price of 42.49 ETH (around $ 69,000), at their height in August 2021, the price of the soil was 125 ETH (worth almost $ 479,000 at the time), according to Coingecko.
In terms of ETH, punks are down 66% compared to the summit. However, against USD, the collection is down 85.7% compared to this summit of all time. Last week, a cryptopunks holder sold his super-rare extraterrestrial punk for $ 6 million, taking a loss of $ 10 million (500 ETH) on trade.
Cryptopunks are an NFT collection of 10,000 characters of algorithmic pixels. They have prestige because they are one of the first collections to be launched.
The punks were among the most sought after collections during the enthusiasm of the NFT in 2021 and 2022. Meanwhile, the negotiation volume for NFT reached $ 2.4 billion per day.
However, the volume has dried up, less than a few points during frantic periods. According to Coingecko, overall sales in the past 24 hours are only $ 4.9 million.
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The American man sub-declared more than $ 13 million in Cryptopunks NFT at the IRS
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Waylon Wilcox risks up to 6 years in prison for cheating “no” when asked if he had eliminated digital assets
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The individual sold 97 punks between 2021 and 2022, dodging more than $ 3.2 million of tax without disclosing
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Crypto-punk punks are down more than 85% against the USD since their top of all time in August 2021
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