UK Seizes 3 NFTs After Fraud Investigation

UK seizes NFTs

In a crackdown on suspected illicit activities to hide money, British tax authorities announced on Monday that they had made their first seizure of Non-Fungible Tokens.

Following an investigation into an attempt to defraud the public purse of 1.4 million pounds ($1.9 million), Her Majesty’s Revenue & Customs seized three NFTs.

Other crypto assets worth around 5,000 pounds were also seized.

Three people were also arrested as a result of the investigation for alleged V.A.T. refund fraud involving 250 fictitious companies.

The seizures of the NFTs, which have not yet been valued, acted as a warning to anyone who felt they could hide money using crypto assets, according to Nick Sharp, deputy director economic crime at HMRC.

In a statement, he said, “We constantly adapt to new technology to guarantee we maintain pace with how criminals and evaders attempt to disguise their assets.”

NFTs are a type of crypto asset that employs blockchain technology to track the ownership of digital data such as photographs, movies, and even virtual things in online games.

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