A man from Pennsylvania, Waylon Wilcox, found wealth through trading digital art from the popular CryptoPunks NFT collection, but failed to disclose his earnings to the Internal Revenue Service. Wilcox, 45, admitted to falsifying his tax returns for 2021 and 2022 after selling 97 CryptoPunks for a total of $12.3 million. By neglecting to report this income to the IRS, he evaded paying over $3.2 million in taxes. CryptoPunks, prominent in the NFT market since 2017, have commanded significant prices, with individual pieces selling for millions of dollars. Wilcox now faces potential imprisonment for up to six years, along with fines and supervised release, for his fraudulent actions. The exact date of his sentencing remains uncertain.
