A certain NFT trader, who concealed a $13 million profit, is facing tax fraud charges and could receive up to six years in prison

BlockBeats News, April 13th, according to a report by Cointelegraph, the Office of the Central District of Pennsylvania announced that a certain NFT trader has pleaded guilty to underreporting nearly $13 million in profits from trading CryptoPunks and may face up to six years in prison.

Federal prosecutors stated on April 11th that Waylon Wilcox admitted to filing false individual income tax returns for the tax years 2021 and 2022. The former CryptoPunks investor pleaded guilty on April 9th to two counts of filing false individual income tax returns.

As early as April 2022, Wilcox filed a false individual income tax return for the 2021 tax year, underreporting approximately $8.5 million in income and underpaying approximately $2.1 million in taxes. In October 2023, Wilcox filed another false return for the 2022 fiscal year, underreporting pre-tax income by around $4.6 million and underpaying nearly $1.1 million in taxes.