British Tax Regulator Seizes NFT for First Time in $1.9M Fraud Case
Main page News, Taxation, UK, NFT
Hot topic
Feb. 14, 2022

The UK's tax department, HM Revenue & Customs (HMRC), has seized three non-fungible tokens (NFTs) valued at $1.9 in addition to ~$6,700 in cryptocurrencies as part of tax fraud probe, the BBC reports. According to the media, the authorities also arrested three unnamed people over tax repayment fraud involving 250 fake companies.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Nick Sharp, Deputy Director Economic Crime at HMRC, says the seizure serves as a "warning to anyone who thought they could use crypto assets to hide money."

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

US Treasury Warns Over Money Laundering in NFT

However, HMRC did not clarify what exact NFTs were seized. It also remains unclear if the digital tokens were sezied from marketplaces. Experts at cybersecurity company ESET found that malware for illegal crypto mining or crypto wallet theft started spreading also via NFTs and mobile apps.

Alexander Pirozhkov, Head of Threat Intelligence at ESET, said that previously these viruses infected users mainly through torrent files and sites with adult content.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error