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UK Seizes First NFTs In $2 Million Fraud Crackdown –

UK Seizes First NFTs in $2 Million Fraud Crackdown — Arrests 3 People

The U.K.’s. HM Revenue & Customs (HMRC) has made its first non-fungible token (NFT) seizure. British authorities also seized some crypto and arrested three people in a fraud case involving 250 allegedly fake companies. “Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.”


NFTs and Crypto Assets Seized by UK Tax Authority

Britain’s HM Revenue & Customs (HMRC) said Monday that it has seized three non-fungible tokens (NFTs) and cryptocurrency worth about 5,000 pounds in an ongoing fraud investigation. Three other people were also arrested.

The U.K. tax, payments and customs authority stated that this seizure was HMRC’s most significant NFT seizure. The digital art NFTs seized have not been assessed.

The ongoing value-added tax (VAT) repayment fraud case involves 250 allegedly fake companies accused of defrauding the public coffers of 1.4 million pounds ($1.9 million).

The suspects tried to collect more VAT than they owed. HMRC stated that the suspects used sophisticated methods to conceal their identities. They used stolen IDs, fake addresses, virtual private networks, and phony invoices. They claimed to be engaged in legitimate business activities.

Nick Sharp was deputy director of Economic Crime in the Fraud Investigation Service at HMRC.

Our first seizure of a non-fungible token serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.

” We adapt to new technology in order to keep up with criminals and evaders’ efforts to hide their assets,” he stated.

What do you think about the U.K. seizing NFTs? Comment below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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NFTs Enrich Gaming Communities, Drive Stronger Engagement, Says Gaming Veteran

According to Luke Paglia, the COO at AGMI Studios, while traditional non-fungible token (NFT) art has lacked real utility, which explains its declining popularity, NFTs still have an important role to play in the gaming industry. To back this assertion, Paglia cites game developers’ use of NFTs “to innovate and bring new forms of value [……
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Futurama’s new season struggles to make NFTs and AI funny

It only takes a few minutes before Futurama’s new season starts explaining non-fungible tokens, or NFTs, a concept most people probably haven’t thought about for more than a year.

Despite being set in the far future, Futurama has always been comfortable commenting on modern life. There have been episodes about smartphones and 3D printers that use sci-fi nonsense to complicate the concepts in a way that makes them funny. That has largely continued to be true over many years (and cancellations). But in its Hulu revival last year, the show really started to mess up the balance, and its topical jokes began to overshadow the sci-fi gags. The upcoming 12th season struggles even more to find a Futurama-style twist on absurd ripped-from-the-headlines storylines about NFTs and AI. It makes for an uneven season that often feels like it’s missing what originally made the show so special.

The NFTs are the most egregious example, and they also happen to be featured heavily in the debut episode, which makes for a terrible first impression. The convoluted plot involves Bender selling a CryptoPunks-style collection to make a quick buck, which somehow leads him on a quest to discover his origins in Mexico. Meanwhile, the rest of the Planet Express crew attempts a heist to liberate Bender’s NFT collection from an art museum, only to be thwarted by the complexities of the blockchain and digital ledgers.

The problem is that these aren’t some sort of quirky Futurama take on NFTs — they’re just regular NFTs as we know them now, terrible art connected to a digital receipt. The episode spends an annoyingly large part of its runtime explaining the concept — which, to be fair, is hard to do succinctly — without offering much by the way of jokes or commentary. It just assumes NFTs in and of themselves are enough to make people laugh.

More than a decade ago, when we all thought Futurama was really over for good, executive producer and head writer David X. Cohen explained to me how the show was able to successfully translate modern problems into its retrofuturistic world. “We always like it when the real world gives us ideas for episodes,” he said. “Setting the show 1,000 years in the future does not mean you’re not going to comment on society today, it just makes it one step removed.” As the NFT episode proves, it’s that “one step removed” part that’s so important. Without it, the episode is a bunch of dull jokes that are also painfully dated.

I’ve seen the first six episodes of the season (there will be 10 in total), and things fare slightly better later on. There’s a Squid Game spoof that explores Fry’s childhood through some kind of bizarre time travel and a fast-fashion episode that turns Cara Delevingne into Frankenstein’s monster and the professor into a style icon. I wouldn’t say these are examples of Futurama at its best — the jokes are hit or miss, and most are lacking the heart that keeps the show grounded. But they at least understand Futurama’s original premise: using this weirdo future as a lens to exaggerate modern issues.

This is less true in the most unoriginal episode of the bunch, when the show turns an AI chatbot into Leela’s jealous friend. It’s just about every AI movie trope rolled into 20 minutes of animation. It’s also pretty weird to tackle AI as a new thing at all given Futurama is swarming with sentient robots.

Maybe there’s more heart and wit in the later episodes, as Hulu does promise the season will explore “the next chapter in Fry and Leela’s fateful, time-twisted romance.” But from what I’ve seen, the balance is too far askew. There’s too much focus on being topical and not enough on the oddball humor, long-running characters, and warmth that has made it all work so well before. Like the rest of the world, Futurama should’ve left NFTs in the past.

Futurama season 12 starts streaming on Hulu on July 29th.

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Trump Reaffirms Support for Crypto, Plans to Launch 4th NFT Collection

Former U.S. President and presidential candidate Donald Trump has reaffirmed his support for cryptocurrency, emphasizing: “If we don’t do it, China is going to pick it up” and dominate the industry. He revealed that he will launch another non-fungible token (NFT) collection. He stressed that almost all of his previous NFTs were paid in crypto…
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