NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
      • NFT Launchpad
    • Newsletter
    NFT Evening NFT Evening
    Crypto Art

    Home » News » Latvian NFT Artist’s $8.7M Earnings Frozen For Alleged Money Laundering

    Latvian NFT Artist’s $8.7M Earnings Frozen For Alleged Money Laundering

    By AdeleJuly 25, 2022Updated:September 20, 20222 Mins Read

    NFT artist Ilya “Shvembldr” Borisov had his $8.7M earnings frozen by the Latvian government for alleged money laundering. Authorities believe Borisov is involved in an elaborate illegal scheme. In fact, the developer might face a 12-year prison sentence – but is he guilty?

    image of Latvian NFT artist Ilya Shvembldr Borisov accused of money laundering
    The NFT artist and developer Ilya Borisov might face a 12-year sentence for alleged money laundering. Credit: Art is Crime

    Why is the Latvian NFT artist accused of money laundering?

    Ilya Borisov, known as Shvembldr, made headlines this week after the Latvian government had frozen his $8.7M earnings. To clarify, state officials accuse the Latvian NFT artist of money laundering.

    However, Ilya Borisov disagrees. In fact, we can read his side of the story via Art in Crime – the artist’s website. Borisov recalled his first contact with the Latvian authorities in February 2022. Authorities deprived the artist of his rights as a Latvian citizen since then.

    In addition, Borisov says the authorities didn’t notify him of any accusations. Instead, he suddenly had all of his property frozen without notice.

    “I have not broken a single law, acting transparently and honestly. I did not hide my income and paid all the necessary taxes. For this, I was treated worse than a criminal and deprived of the opportunity to defend myself,” Borisov claims.

    screenshot of a Twitter message from Ilya Shvembldr Borisov via Twitter
    The Latvian NFT artist had lost his collaborators and earnings due to the money laundering accusations. Credit: Twitter

    Who is Ilya “Shvembldr” Borisov?

    Ilya Borisov is a developer and generative NFT artist working under the nickname “Shvembldr”. The content creator is among the most successful NFT creators of 2021. Surprisingly, his 3,557 digital assets brought him a total of $8.7M in earnings.

    On February 10th, though, Borisov’s life changed when authorities started freezing his assets. Nevertheless, he claims that he had been paying taxes for his NFT activity throughout 2021.

    If found guilty, the Latvian NFT artist might spend the next 12 years in prison for alleged money laundering.

    The Baller Apes Club founder Le Anh Traun is in a similar situation. The content creator might face up to 40 years in prison due to alleged crypto scam cases. You can read all about it right here!

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Previous ArticleAC Milan and Sorare Partner For Next Level Fantasy Football
    Next Article University Of Tokyo Announce New Metaverse Course
    Adele

    Adele Ioana is a writer with a deep interest in digital visual arts. Between covering two news stories, she enjoys drawing portraits and studying photo manipulation.

    More great NFT Evening content:

    Ordinal NFTs: Are Bitcoin NFTs the Hottest New Trend?

    February 10, 2023

    Pablo Stanley Builds the Characters Behind Humankind NFT With AI

    January 19, 2023

    Smart TV owners Can Now Trade NFTs With LaCollection x Samsung

    January 13, 2023

    Aavegotchi’s New Initiative To Help Create Verified Physical Prints Of NFT Art

    December 18, 2022

    Pplpleasr’s Shibuya Web3 Platform Raises $6.9M

    December 11, 2022

    Gmoney Iteration-02 NFT Collection Is Now Sold Out!

    December 10, 2022

    DJ Agoria Drops NFTs For Ledger Pass Holders

    November 29, 2022

    Leo Villareal To Drop Cosmos-inspired Generative Art NFT

    November 22, 2022
    Latest NFT News

    Fetch.ai’s $40M Funding To Accelerate AI & Blockchain Integration

    March 30, 2023

    Art Blocks launches creator-friendly NFT marketplace

    March 30, 2023

    NFT Art Lands Pussy Riot Founder Nadya Tolokonnikova on Russia’s Wanted List

    March 30, 2023

    NFTb Welcomes My Neighbor Alice Token, ALICE, As First Native Token

    March 30, 2023

    Metamask Airdrop Rumors Dismissed by Metamask: Stay Safe!

    March 30, 2023

    Royal Mint Ditches NFT Project Amid Consultations With UK Government

    March 29, 2023

    Y00ts Finally Makes the Move to Polygon!

    March 29, 2023

    Disney Metaverse Dreams Crushed in Layoff Bombshell

    March 29, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Columns
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Job Opportunities
    • About Us
    • Contact Us
    • Newsletter
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.