• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

World’s First NFT Seizure

in Crypto Updates, NFT's, Scam Alert
Reading Time: 3 mins read
World’s First NFT Seizure — DailyCoin
683
VIEWS
Share on Facebook

Her Majesty’s Revenue and Customs (HMRC) secured its place in history as the world’s first tax authority to seize a non-fungible token (NFT). 

The United Kingdom’s financial watchdog seized 3 NFTs in total this week after investigating the potential VAT fraud case worth £1.4 million ($1.9 million) and involving 250 fake companies. 

The move marks the first-ever NFT seizure in the United Kingdom, and “serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC,” the authority’s officers told BBC.

According to the report, the UK’s law enforcement arrested three suspects and seized £5,000 (over $6,760) worth of cryptocurrencies together with 3 artwork NFTs, whose real value has not been determined yet.

The seized tokenized assets were previously auctioned on Wilsons Auctions, which is the largest independent auction company in the UK and Ireland.

As far as it is known, the UK’s tax authority secured a court order to prevent NFTs and digital currencies from being accessed and sold further.

Following the skyrocketing popularity of the NFT market, non-fungible tokens have become a commonly used medium for illicit activities around the globe.

Wash trading and money laundering are the main areas of criminal activity that involve NFTs, states blockchain analytics Chainalysis in their recent Crime and NFTs report.

According to it, wash trading has already generated nearly $9 million in profits for illicit actors. With this tactic, criminals artificially inflate the price of an NFT by selling it to another wallet, which belongs to the seller. 

A similar story recently happened with the NFT collection of Melania Trump, where the former First Lady of the United States bought her own NFTs.

The lack of regulation in the NFT market is among the reasons for NFT usage for illicit activities. “Many NFT trading platforms allow users to trade by simply connecting their wallet to the platform, with no need to identify themselves,” explains Chainalysis experts.

Apart from wash trading, Chainalysis highlights money laundering as another fast-growing form of NFT abuse. As its report says, the value sent to NFT marketplaces by illicit addresses increased almost 3x within the Q3 and Q4 of 2021 compared to the previous quarters. The illicit addresses here refer to scam- and stolen funds-associated digital asset wallets.

Chainalysis sees the risk of the NFT art market becoming an extension of the traditional fine art market, where money laundering has been an issue for years.


Sign up now: Get Smarter about Cryptocurrency with our weekly Free newsletter

Do you have any question?  Reach out to us in Quora or any other social media, we will do our best to respond After you are Following Us  🙂

Instagram ——Twitter——-Facebook——Quora

Do you like the Article?  Please share   Thank you… Under here we will share same others post you might like

**this post contains affiliate links that will help me create new content without additional cost for you **

**I’m not a financial advisor **

**this post contains affiliate links that will help me create new content without additional cost for you **

**I’m not a financial advisor **

Next Article: What Cryptocurrency to mine right now
Next Article: what is ethereum in depth
Next Article: What is a protocol?
Next Article:  Ethereum price
Next Article: Top 5 Crypto games play&Earn
Next Article: How today cryptocurrency & environment are interconnected?

Source link


  • Trending
  • Comments
  • Latest
Deribit to Launch Futures Contracts for Bitcoin Volatility Trading

Deribit to Launch Futures Contracts for Bitcoin Volatility Trading

18 March 2023
Moscow City Crypto Exchanges Ready to Send Cash to London, Report – Exchanges Bitcoin News

Moscow City Crypto Exchanges Ready to Send Cash to London, Report – Exchanges Bitcoin News

17 March 2023
Getting Started With AI Powered Staking With Mosdex | by Mosdex | Mar, 2023

Getting Started With AI Powered Staking With Mosdex | by Mosdex | Mar, 2023

16 March 2023
Binance Halts GBP Deposits and Withdrawals

Binance Halts GBP Deposits and Withdrawals

15 March 2023
Coinbase Potentially Looking At Launching An Overseas Exchange: Report

Coinbase Potentially Looking At Launching An Overseas Exchange: Report

18 March 2023
The potential to empower disenfranchised communities in Latin America using Ethereum

The potential to empower disenfranchised communities in Latin America using Ethereum

22 March 2023
US Govt Attacks Bitcoin In New Report, Promotes A CBDC

US Govt Attacks Bitcoin In New Report, Promotes A CBDC

22 March 2023
Tips for Beginners on How to Play

Tips for Beginners on How to Play

22 March 2023
Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood

Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood

22 March 2023
Circle’s USDC Regains $1 Peg After Tumultuous Weekend

Circle’s USDC Regains $1 Peg After Tumultuous Weekend

21 March 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}