Man pleads guilty to tax fraud for failing to report $13 million in CryptoPunks sales
Waylon Wilcox omitted the sale of 97 NFTs on his tax returns, the DOJ alleges.
A 45-year-old Pennsylvania man is facing up to six years in prison after failing to disclose the sale of millions of dollars worth of Ethereum blockchain. Created in 2017, the collection is one of the oldest and most valuable brands in the NFT space. At its peak, a single “Punk” sold for $23.7 million, according to the collection’s website.
During the NFT frenzy, the DOJ statement says Wilcox sold 62 “Punks” for over $7.4 million in 2021 and another 35 Punks for nearly $5 million in 2022.
It’s unclear how the DOJ discovered the undeclared sales.
CryptoPunks have significantly declined in value since 2022 but are still worth thousands of dollars each. The cheapest “Punk” is currently on sale for 42.42 Ethereum or $70,000, according to the website. Earlier this month, an anonymous holder sold their “Punk” for $6 million, $10 million less than they bought it for last year.
This story was originally featured on Fortune.com
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