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Pennsylvania Man Pleads Guilty of Falsely Filing Over $13 Million in NFT Profits
Waylon Wilcox, a 45-year-old resident of Dillsburg, Pennsylvania, has pleaded guilty to filing false tax returns for 2021 and 2022, U.S. federal prosecutors announced.
According to investigators, Wilcox actively traded digital assets from the well-known NFT collection, CryptoPunks, for two years. In total, he sold 97 tokens, earning a profit of $7.4 million in 2021 and $4.9 million in 2022. However, the man did not report a single dollar of income from these transactions in his tax returns.
As a result, Wilcox faces up to six years in federal prison, as well as possible fines. The amount of unpaid taxes, according to the IRS, is about $3.2 million.