What the Waylon Wilcox case demonstrates is about more than one man’s error. This former resident of Pennsylvania was convicted of avoiding millions in taxes on his CryptoPunks transactions. As far as wake-up calls go, this one is loud and clear across the entire NFT ecosystem. It’s natural to want...
Waylon Wilcox, the dude who flipped CryptoPunks and made millions doing it, just pleaded guilty to evading more than $3.3 million in taxes. He hid over $13 million in income. His girlfriend was crowdfunding her daughter’s beauty pageant on Facebook. Let that sink in. This isn't just about one guy...
In March 2022, a Pennsylvania man pleaded guilty to evading federal taxes. He failed to disclose over $13 million in income from the sale of almost 100 CryptoPunk NFTs. Waylon Wilcox, a 45-year-old of Avery, Idaho, was sentenced to a maximum of six years in prison for his tax-related offenses....
Non-Fungible Tokens (NFTs) seem to have exploded all over the place lately. They’ve ushered in a new class of digital assets and lucrative investment opportunities. Still, this burgeoning market raises significant challenges, especially around taxation. Waylon Wilcox, 45 of Pennsylvania, was just sentenced to 12 months incarceration for NFT tax...
The NFT space has had its fair share of ups and downs. This most certainly has opened the doors to many creators and many top-tier artists. Alongside this nascent asset class are a myriad of tax implications that many are still trying to get their heads around. BlockTraderHub.com — Your...
An NFT trader just found himself facing prison time after pleading guilty to evading almost $13 million in taxes. This tax evasion is based on profits realized from the trading of CryptoPunk NFTs. Waylon Wilcox, the trader incognito, purchased and sold 97 items from the CryptoPunk NFT collection. Now he’s...
Though cutting-edge and revolutionary, the world of NFTs is becoming more difficult to navigate as tax agencies around the globe pay closer attention. A recent taxpayer case involving Waylon Wilcox is a relevant and sobering reminder of the high stakes of precise crypto tax reporting. Wilcox, an NFT art dealer,...
This CryptoPunk tax case? It isn’t simply a one-off done poorly by some flunky. It's a seismic event for the entire NFT landscape, and honestly, it's exactly what we needed. Alas for Waylon Wilcox, the IRS does not allow you to simply pretend your $13 million in CryptoPunk profit went...
CryptoPunks, one of the earliest and most iconic collections of non-fungible tokens (NFTs). As with other speculative arts markets, since the NFT market peaked in the spring of 2021, its value has fallen by over 90%. Featuring 10,000 unique pixel-art characters on the Ethereum blockchain, CryptoPunks once commanded premium prices,...
The IRS is doing its job. No one argues with that. We can agree that they need to collect taxes, and that everyone should pay their fair share of taxes. When I see a case like Waylon Wilcox, who pled guilty to not reporting over $12 million in income from...