Man Pleads Guilty to Submitting False Tax Returns Tied to $13M CryptoPunks Sales
Summary
A Pennsylvania man, Waylon Wilcox, pleaded guilty to filing false tax returns, concealing over $13 million in income from 97 CryptoPunks transactions during 2021 and 2022. This underreporting reduced his tax liability by more than $3.2 million. Wilcox sold 62 CryptoPunks for $7.4 million in 2021 and 35 for nearly $4.9 million in 2022 but falsely indicated on his tax returns that he had not disposed of any digital assets. Prosecutors allege he evaded $2.18 million in taxes in 2021 and $1.09 million in 2022. The IRS emphasizes the importance of reporting NFT sales accurately. Wilcox faces a maximum of six years in prison, supervised release, and potential fines.
