Due to concealing $13 million in CryptoPunk profits during tax filing, an NFT trader may face imprisonment

ChainCatcher news, according to Cointelegraph, the U.S. Attorney's Office for the Middle District of Pennsylvania disclosed that 45-year-old NFT trader Waylon Wilcox admitted to two counts of submitting false personal income tax returns. The trader sold 62 CryptoPunk NFTs in 2021, earning approximately $7.4 million in profit, and then sold 35 CryptoPunk NFTs in 2022, making a profit of $4.9 million.

It is reported that Waylon Wilco submitted a false personal income tax return for the 2021 tax year in April 2022, underreporting approximately $8.5 million in income tax and about $2.1 million in taxes owed; in October 2023, Waylon Wilco submitted another false personal income tax return for the 2022 tax year, underreporting approximately $4.6 million in income tax and nearly $1.1 million in taxes owed.