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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

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