Israel's Tax Authority Probes NFT Creators Over Alleged Tax Evasion
Israel Tax Authority has arrested two NFT creators for charges of tax evasion and money laundering after allegedly failing to report $2.2 million in sales throughout 2021.According to a recent report by Israeli news outlet Ynetnews, Avraham Cohen and Anthony Pollack, the owners and operators of NFT project holyrocknft.com, have been arrested for not reporting millions of U.S.
dollars in revenue received from the sale of their digital works.The investigation claims that the suspects have sold 1,700 NFTs since 2021 in exchange for 620 ETH, worth around $2.2 million, which has gone unreported.
Tax officials view these revenues as business earnings, but the pair did not report them as such.Notably, the funds were transferred between multiple digital wallets, a move amounting to money laundering.
The Jerusalem Magistrate's Court released the two on probation and ordered them to hand over the ETH tokens and keys to associated wallets.
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