HM Revenue and Customs (HMRC) is said to have seized three non-fungible tokens (NFT) as part of its battle against suspicious activity aimed at hiding money. In addition to seizing assets, police arrested three people suspected of committing the crime.
Reuters reported that British tax authorities were looking into a $1.9 million financial scam. The operation is part of a larger probe into potential VAT fraud involving 250 bogus businesses.
As a result, HMRC seized three NFTs and bitcoins worth around $6700. This is the first time in history that non-removable tokens have been confiscated.
The dollar value of NFT was not disclosed by Nick Sharp, HMRC’s deputy director of economic crimes. However, he noted that the confiscation would caution crooks who believe they can hide money using cryptocurrencies.
We are continually adapting to new technologies to guarantee that we stay on top of how criminals and tax evaders seek ways to conceal their assets.
Non-exchangeable tokens have recently emerged as one of the trendiest trends in the digital asset sector. These cryptographic tokens can represent tangible assets like cars, music, or property. At the same time, their ownership can be proven because they are based on a blockchain that confirms their legitimacy.
Many well-known musicians, actresses, and athletes have recently entered this area, producing their own collections. Eminem, John Legend, and Quentin Tarantino are a few examples.
Non-removable tokens, on the other hand, have opponents. Kanye West, an American musician, has stated that he is uninterested in the sector, while Joe Rogan has labeled it “the hustle of the crypto industry.”