NFT Trader Faces Potential Six-Year Sentence for Tax Evasion

A non-fungible token (NFT) trader, Waylon Wilcox, is facing potential imprisonment of up to six years after admitting to underreporting nearly $13 million in profits from trading CryptoPunks. The U.S. Attorney’s Office for the Middle District of Pennsylvania revealed that Wilcox pleaded guilty to filing false individual income tax returns for the 2021 and 2022 tax years. His actions involved underreporting his income by a total of $8.5 million in 2021 and $4.6 million in 2022, resulting in reduced tax liabilities of $2.1 million and $1.1 million respectively.