UK TAX WATCHDOG SEIZES NFT IN SUSPECTED VAT FRAUD PROBE

Mon 14 February 2022:

Non-Fungible Tokens (NFT) have been seized by UK tax authorities as part of an investigation into suspected VAT fraud involving 250 purported bogus companies.

As the investigation into the crime began, the perpetrators were reportedly attempting millions of dollars in attempted fraud. The crooks allegedly used phony names to conceal their true identities, according to UK tax and customs officials. To scam people, the perpetrators allegedly employed pre-paid, unregistered mobile phones, VPNs, and fraudulent invoices.

The US Justice Department announced last week that it had recovered 94,000 bitcoin worth $3.6 billion that had been stolen six years ago. The scam is said to have included a couple. They were apprehended and accused, and they face a sentence of roughly 20 years in prison.

The couple used the funds to buy gold and digital NFTs, US officials said.

NFTs are digital items that can be bought and sold using blockchain technology on specialised platforms. Last year, crypto data site Dapp had reported that land worth over $100 million was sold in metaverse sites, Decentraland, The Sandbox, CryptoVoxels and Somnium Space.

People have sent thousands of dollars to acquire digital items, therefore Decentraland puts everything from land to virtual artwork in the form of NFTs.

Bitcoins reached new highs last year, with a value of $68,513 in November 2021. It did, however, experience dramatic fluctuations.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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