• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore

NFTs Worth $1.9 Million Seized By UK Tax Authorities In Tax Fraud Case

Anifowoshe Ibrahim by Anifowoshe Ibrahim
2 years ago
in Crypto News
0

Shady activities abound in the NFT market. Three NFTs were seized by British authorities as part of a tax fraud probe. In order to defraud the UK tax authority of £1.4 million ($1.9 million), the suspects allegedly employed 250 bogus firms, fictitious identities, prepaid phones, VPNs, and other measures to obscure themselves.

UK Tax Authorities Seize NFTs

Her Majesty’s Revenue and Customs (HMRC), the UK tax authority, has confiscated three non-fungible tokens (NFTs) as part of an investigation into a suspected VAT fraud involving 250 bogus companies.

HMRC claims to be the first UK agency to seize an NFT, and three people have been arrested on suspicion of attempting to defraud the government of $1.9 million.

The accused allegedly tried to claim back more VAT than they were owed by hiding their identities with a combination of stolen identities, unregistered phones, and fraudulent invoices. According to HMRC, the plan encompassed 250 purported phony entities.

Nick Sharp, HMRC’s deputy director of economic crime, said in a statement Monday:

“Our first seizure of a Non-Fungible Token serves as a warning to anyone who thinks they can use cryptoassets to hide money from HMRC.”

“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” Sharp added.

HMRC got a court order to seize the unvalued NFTs and crypto assets worth around £5,000 ($6,760). According to the authorities, this is the first time that NFTs have been confiscated by UK law enforcement.

Related Reading | Jack Dorsey Deems Diem Project A Waste Of Time, Suggests Meta To Focus On Bitcoin

Crypto Seizures On The Rise

The investigation hasn’t come to a conclusion yet. However, deputy head of economic crime Nick Sharp believes the seizures would “serve as a warning” to other would-be crypto fraudsters.

High-profile seizures by police have become increasingly prevalent as the value of cryptocurrencies has soared.

The US Department of Justice (DoJ) just confiscated Bitcoin worth more than $3.6 billion linked to the 2016 Bitfinex breach, with streaming giant Netflix already planning a documentary series on the largest-ever crypto crime.

NFTs

BTC/USD trades at $42k. Source: TradingView

The latest case in the UK, however, is one of the first high-profile seizures of NFTs, which are digital assets designed to serve as proof of ownership for stuff such as art or photos stored on the blockchain.

It’s worth noting that, between 2020 and 2021, the amount of money invested in NFT companies surged by a staggering 130x, reaching $4.8 billion. Despite its growth, the new profession has been marred by controversy, especially in the areas of money laundering and fraud.

The major digital asset is the target of a large number of scams. An unnamed UK resident lost $200,000 after a woman he messaged on a dating app scammed him a few weeks ago. She urged him to put BTC in a shady application that promised to make him wealthy.

Related Reading | Data Shows Bitfinex Hack Woke Up Largest Ever 5yr+ Bitcoin Supply

Featured image from Unsplash.com, charts from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Crypto

Crypto Scam Alert: CFTC Launches Lawsuit Against Mosaic Exchange

28 mins ago
Crypto Collision- Coinbase's CEO Brian Armstrong Challenges Chase UK's Sudden Ban

Crypto Collision: Coinbase’s CEO Brian Armstrong Challenges Chase UK’s Sudden Ban

2 hours ago
crypto

Crypto Sustainability: EU Commits Over $800,000 To Forge Sustainable Asset Standards

10 hours ago
XRP John Deaton

Pro-XRP Attorney Deaton Receives Prestigious Award For Crypto Efforts

12 hours ago
Binance's Russian Exodus

Binance’s Russian Exodus: Did Key Players Shift To The New Kid On The Block, CommEX?

1 day ago
Microsoft Nintendo ETH ETHUSDT Ethereum NFTs

Microsoft, Sony, Nintendo Jump On Web3 Space, Who Else Has Joined Them? New Data Shows

1 day ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Meta Force and Lado Okhotnikov Presented the Results of...

    5 hours ago
  • Bitcoin (BTC) and Litecoin (LTC) Ascending – Is it a...

    9 hours ago
  • Ethereum (ETH) and Ripple (XRP) Facing Key Levels –...

    9 hours ago
  • While Stellar And Avalanche Falter, Bitcoin Spark Heading...

    12 hours ago
  • Crypto Sports Betting Just Got A Lot Better –...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.