CryptoPunk whale pleads guilty to hiding $13M profits from IRS, faces up to 6-year sentence

- Waylon Wilcox, a 45-year-old NFT trader from Pennsylvania, pleaded guilty to underreporting over $13 million in income from selling nearly 100 CryptoPunk NFTs, evading nearly $3.3 million in taxes.

- This case marks a significant instance of tax evasion related to NFT sales in the U.S., with Wilcox facing a maximum six-year prison sentence, although his guilty plea may lead to a reduced sentence.

- The sales occurred during the NFT boom in 2021 and 2022, while the overall NFT trading market has since declined.

- Yuga Labs, the company behind CryptoPunks, announced it would no longer manage the collection, opting to preserve it on the blockchain and support educational initiatives instead.

https://www.theblock.co/post/350662/cryptopunk-whale-pleads-guilty-to-hiding-13m-profits-from-irs-faces-up-to-6-year-sentence