The UK tax authorities confiscated three NFTs and $6,700 worth of cryptocurrencies and detained three people in its latest crackdown against monetary crimes.
HM Revenue and Customs has reportedly seized three non-fungible tokens in a crackdown on suspected activity to hide money. Apart from confiscating the assets, law enforcement arrested three people alleged of the crime.by Reuters, the British tax authorities investigated a $1.9 million financial scheme. The operation was part of a probe into a suspected Value Added Tax fraud involving 250 alleged fake firms.
As a result, the HMRC seized three NFTs and around $6,700 worth of cryptocurrencies. This became the agency’s first confiscation of non-fungible tokens. Nick Sharp – Deputy Director of Economic Crime at HMRC – did not reveal the USD value of the digital collectibles. He opined that the seizure will serve as a warning to bad actors who think they could use cryptocurrencies to hide money.
“We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” Sharp added.have emerged as one of the hottest trends in the digital asset industry. They are cryptographic tokens that can represent real-world assets such as a car, a song, or a house. At the same time, one can prove ownership over those collectibles as they are blockchain-based and verify their authenticity.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NFTs seized by UK tax authorities for the first timeThree NFTs were seized alongside cryptocurrency.
Read more »
UK taxman siezes first NFTs in £1.4 million fraud probeHMRC said it is 'warning to anyone who thinks they can use crypto assets to hide money.'
Read more »
YouTube’s 2022 Plan Highlights Shopping, Creators … Even NFTsGoogle’s video platform lays out its priorities for 2022, signaling deeper interest in shopping, NFTs and more.
Read more »
‘Now I’ve Found My People’: How NFTs Changed FEWOCiOUS’ Life“NFT All-Stars” is an animated podcast series hosted by NFT OGs Jason Bailey, also known as Artnome, and Marguerite deCourcelle, the CEO of blockchain game studio Blockade Games. Get ready for eye-opening and entertaining conversations about the fast-evolving, exploding world of non-fungible tokens, where niche meets mainstream culture, featuring guests like Pete Holmes, FEWOCiOUS, Deadmau5, Damon Dash, James ‘Munky’ Shaffer and others. Text us at (507) 4787-NFT for live updates and to ask us anything.
Read more »
Soccer Fans Need Better Than NFTsEnglish Premier League fans are rebelling against club NFT projects. When Socios collaborated with London-based Crystal Palace F.C., “fans showed up to a game with a banner reading, MORALLY BANKRUPT PARASITES SOCIOS NOT WELCOME.” Opinion ghlionn
Read more »
Why India Isn’t Buying NFTs (Yet)Interviews with Indian NFT platforms reveal a mismatch of NFT supply and demand. While many Indian artists, Bollywood celebrities and sports stars have launched NFTs, there's a lack of collectors to buy the offerings, says tanvi_ratna. Opinion NFTs
Read more »