A Pennsylvania preparer was sentenced to 6 years in prison after pleading guilty for preparing false tax returns. Waylon Wilcox, prosecutors allege, hid more than $12.3 million in CryptoPunk non-fungible token (NFT) sale proceeds as taxable income. Wilcox has been charged with intentionally underreporting his income and using fraudulent tactics...
Over the last few years, the landscape of NFTs (Non-Fungible Tokens) has taken off. This boom presents thrilling new opportunities for artists, collectors, and investors to take advantage of. However, this digital frontier comes with a complex web of tax implications that many are only just beginning to understand. BlockTraderHub.com...
That’s the nature of NFTs, this is a world that’s changing every day. As it rapidly swings into full force, 84 regulatory bodies including the IRS are taking closer notice. Recent events have made it clearer than ever that educating yourself and ensuring adherence with tax law governing digital assets...
One of the largest sellers of CryptoPunk NFTs has just pleaded guilty to tax evasion. This is an important precedent first for matters in the newly minted and fast-paced digital asset world. Thomas Carter Wilcox hid more than $13 million in income. Those earnings all came from the sale of...
A CryptoPunk holder charged with tax evasion? So this is it, right — the beginning of the end for the wild west of NFTs? Wrong. While Waylon Wilcox's case is a stark reminder that the IRS is watching, it's an opportunity. A chance to create a more sustainable, governance-focused, and...
The Waylon Wilcox case is an important reminder that there’s more at stake than NFTs or crypto hype. He pleaded guilty to evading $3.3 million in income taxes on $13 million worth of CryptoPunk sales. It is a painful illustration of the tenuous social contract we all operate under, whether...
The realm of Non-Fungible Tokens (NFTs) has become widely known for its whiplash-inducing ups and downs. Lately, proverbial mattresses full of cash have frozen the market to its core. CryptoPunk #3100’s recent sale was at a 95% loss. This event serves as a reminder of the risks of investing in...
Alright, now let’s talk about that elephant in the digital room. That’s how someone just took a $10 million dollar bath on a CryptoPunk. Ouch. Now maybe you’re saying to yourself, “NFTs are dead! I was right all along! And honestly, I get it. Seeing headlines like that one can...
The non-fungible token (NFT) market has crashed, with two-thirds of marketplaces’ transactions denominated in Ethereum dropping below $20. Formerly treasured CryptoPunk NFTs are now hitting the market at 99% off. NFTs that once sold for more than $1 million dollars can now be picked up for as low as $65,000....
Alright, now let’s deal with the unpopular opinion question. A CryptoPunk, #3100, sold on Friday for the equivalent of 4,000 ETH. Sounds good, right? Except it wasn’t, since it had been bought at a net cost of about $10 million higher than this sale price. Headlines scream "NFT crash!" and...