IRS Called Cryptos And NFTs A Mountain Of Fraud
The IRS is hot on the trails of cryptocurrency and non-fungible tokens. They see these as fertile grounds for fraud, including tax evasion, market manipulation, and money laundering. Unfortunately, whether it’s a celebrity or not, people are always susceptible to getting into the trap. The popularity of digital assets has created a new challenge for government agencies to regulate this modern-day currency. Regulators are working out how best to enforce existing laws and deter investors from engaging with criminal activity. But it will be an uphill battle without more resources or....
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Cryptos are rarely out of the news these days, but no more so than Ethereum, which is burning up the news headlines, as quickly as it can burn up the gas (mostly for NFTs, which are having a moment, and for its exorbitant transaction fees), and then, of course, there’s the king of crypto, Bitcoin […]
Brands that issue NFTs should hold the greatest responsibility to protect themselves and potential investors from fraud, an NFT security executive suggested. Nonfungible token (NFT) marketplaces should commit to combat fraudulent NFTs, but brands are far more responsible for protecting NFT investors, according to one industry executive.Brands that issue NFTs should be taking the first step to protecting themselves and potential investors from fraud, BrandShield CEO Yoav Keren said in an interview with Cointelegraph on Oct. 12.According to Keren, it’s more straightforward for a brand to....
Josh Katz said that ticketing is one of the most compelling use cases for NFTs as it can prevent fraud. While some refuse to adopt nonfungible tokens (NFTs), others are finding ways to realize the potential of NFT technology to solve real-world problems.In an interview with Cointelegraph, Josh Katz, CEO of NFT marketplace YellowHeart, shared his thoughts on using NFTs in ticketing, what the NFT space will look like in the future and whether NFTs can eventually surpass crypto in popularity. According to Katz, ticketing is one of the most compelling use cases for NFTs. Citing the UEFA....
Shady activities abound in the NFT market. Three NFTs were seized by British authorities as part of a tax fraud probe. In order to defraud the UK tax authority of £1.4 million ($1.9 million), the suspects allegedly employed 250 bogus firms, fictitious identities, prepaid phones, VPNs, and other measures to obscure themselves. UK Tax Authorities […]
A survey commissioned by Satoshilabs finds that from the 45.8% of American respondents that say they own cryptos, nearly all of them (95%) believe cryptos to be a genuine currency solution. In addition, about 31.7% of those surveyed see crypto as a legitimate alternative to the U.S. dollar, while 40% still slightly favor fiat cash. The Impact of Money Creation The Satoshilabs survey, which assessed the awareness of cryptocurrencies among the different demographic groups, sought views from more than a thousand Americans across the country. Writing in a blog that explains the survey’s....