UK Authorities Seize NFTs Due To A Fraud Case For The First Time

Her Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes, amongst other legal activities

For the first time ever, UK authorities have seized NFTs due to a fraud case involving 250 fake companies.

Her Majesty's Revenue and Customs is a non-ministerial department of the UK Government responsible for the collection of taxes, amongst other legal activities

The HMRC seize NFTs suspected of being part of an overall VAT fraud of around £1.4 million. Credit: Howard Lake

How The UK Authorities Seized The NFTs

As reported by the BBC,  HMRC, the tax authority of the UK, seized three NFTs as part of an investigation. 

PC Gamer reported, “The NFTs are suspected of being part of  a VAT fraud of around £1.4 million.” Additionally, three people have been arrested.

Using “sophisticated methods in an attempt to hide their identities,” the suspects were in fact caught.

HMRC’s director of economic crime states,  it’s a warning for those thinking they can hide their money using crypto assets. He adds, “We constantly adapt to new technology to ensure we keep pace with criminals.”

A cybersecurity specialist states, “the investigative police force can request to keep half of the forfeited goods ”

With digital currencies, this could be appealing for the investigating police. This suggests that the UK police will be motivated to keep an eye on this space.

It’s evident that with the NFTs seize and the new UK Government DeFi regulations news, HMRC is keeping tabs on the use of Crypto-assets.

Related posts