Blockchain analysis platform Chainalysis released a report indicating that tax evaders have begun shifting to new digital assets such as Bitcoin Ordinals and BRC-20 tokens, attempting to hide wealth from tax authorities. The Foggia Economic and Financial Police Department in Italy recently uncovered a tax evasion case involving suspects who allegedly used the Bitcoin Ordinals protocol and BRC-20 token standard to conceal 1 million euros (about 1.1 million USD) in unreported capital gains. The investigation showed that the suspects created tokens using this technology, then sold them in market transactions at several times their initial cost, and transferred the profits back to their main wallet in Bitcoin for cyclical investment. (Cointelegraph)

BTC-0.44%
ORDI-1.96%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 6
  • 10
  • Share
Comment
Add a comment
Add a comment
ColdStartUnderTheAurora
· 7h ago
Is it really that complicated to just handle $1.1 million? Aren't traditional offshore accounts more attractive?
View OriginalReply0
GateUser-b4b056d3
· 8h ago
Italian police actually managed to solve the Ordinals case; their technical skills are impressive.
View OriginalReply0
GateUser-14cb5f72
· 8h ago
The IRS shook their head in disbelief; Ordinals can now be used for tax evasion. This technological iteration is far faster than regulatory updates.
View OriginalReply0
GateUser-f7b40cee
· 8h ago
Tax evader: I hide very well. Chainalysis: Keep going.
View OriginalReply0
ShatteredGlaze
· 8h ago
So on-chain analysis companies are the ultimate winners? Both black-market and legitimate industries rely on them for their livelihood.
View OriginalReply0
PatinaTradingBell
· 8h ago
You dare to play with 1 million euros, quite brave, but your IQ hasn't kept up.
View OriginalReply0
  • Pinned