From Cointelegraph

April 13, 2025 07:42:00 AM:

A non-fungible token (NFT) trader faces up to six years in prison for underreporting nearly $13 million in profits from trading CryptoPunks. Waylon Wilcox, 45, filed false income tax returns for 2021 and 2022, reducing his tax due by millions. He bought and sold 97 CryptoPunks, totaling $687 million market capitalization.

Crypto tax laws worldwide gained traction in June 2024 when the IRS implemented new regulations requiring US crypto transactions to be subject to third-party tax reporting. Centralized exchanges and brokers must report sales and exchanges of digital assets since January. President Trump overturned legislation that would have required DeFi platforms to report transactions to the IRS.

Read more at CoinTelegraph: NFT trader faces prison for $13M tax fraud on CryptoPunk profits