UK makes first-ever fraud token seizure

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The UK authorities have carried out the first non-fungible token seizure for fraud in history, unless it has transpired publicly. Officials from the Revenue and Customs department seized three NFTs owned by three people accused of defrauding 1.4 million pounds, according to reports the BBC.

Apparently, the suspects participated in a complex plot through some 250 fake companies to evade the VAT that they had to pay to the British treasury. The amount defrauded from the coffers of the United Kingdom would be 1.4 million pounds (approximately 1.7 million euros). Gathering all the data necessary to take legal action, Revenue and Customs obtained a court order to seize £5,000 worth of digital assets and the three NFTs of digital artwork owned by the suspects.

Although more details about the case are not yet known, the seizure of NFT in a judicial process is a clear indication that the authorities of the different countries these digital assets are being taken more and more seriously. In fact, the deputy director of Revenue and Customs pointed out after the search that this was a warning to all those who wanted to hide illicit money with the purchase of digital assets: “”We constantly adapt to new technologies to make sure we are up to date with how criminals and evaders seek to hide their assets”.

Thus, the suspects would have used the defrauded money to buy the NFTs of digital works of art with the aim of launder money and thus close the network that they had built to hide their illicit activities, and which also involved the use of false and stolen identities and false invoices and companies.

The seizure by the British State of these NFTs joins other state actions that have taken place in recent weeks related to digital assets, from the tight control of China to the regulations of Russia or different countries of the European Union, through the plans for the digital euro, which indicate non-fungible tokens and cryptocurrencies are increasingly taking up more space in the plans of the various governments.

Likewise, it also highlights that criminals try to take advantage of its lack of regulation, for the moment, for illicit purposes.

The UK authorities have carried out the first non-fungible token seizure for fraud in history, unless it has transpired publicly.…

The UK authorities have carried out the first non-fungible token seizure for fraud in history, unless it has transpired publicly.…

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