StartKryptowährung NewsHMRC seizes NFT for the first time in £1.4m 'sophisticated' VAT fraud case as police arrest three

    HMRC seizes NFT for the first time in £1.4m ’sophisticated‘ VAT fraud case as police arrest three

    Video HMRC seizes NFT for the first time in £1.4m ’sophisticated‘ VAT fraud case as police arrest three

    HMRC has seized ‚Non-Fungible Tokens‘ for the first time during an investigation into a ’sophisticated‘ £1.4million VAT fraud case.

    Three people have been arrested as part of the probe into three digital artwork NFTs linked to 250 fake companies.

    NFTs, the latest craze in the world of cryptocurrency, are defined as ‚unique digital certificates, registered in a blockchain, that are used to record ownership of an asset such as an artwork or a collectible.‘

    Unlike cash or gold, both fungible objects that can be easily exchanged for another object or money at the same value, an NFT is non-fungible and cannot be exchanged in the same way.

    More simply, they can be seen as certificates of ownership for virtual and physical assets, with each having its own unique digital signature.

    An NFT acts as an artist’s signature on the digital artwork, verifying its ownership and authenticity and is permanently attached to the piece.

    These collectable units of data, which first emerged in 2014, can be sold for large sums of money and can represent anything in the digital world.

    Where Bitcoin is seen as a digital answer to currency, NFTs are said to be the digital answer for collectables, though there are doubts over its long term viability.

    HMRC says the suspects in the fraud case allegedly used ’sophisticated methods‘ to hide their identities, including using bogus and stolen identities, incorrect addresses and false invoices.

    The tax authority has secured a court order to seize crypto assets worth around £5,000 and three digital artwork NFTs that have not yet been valued.

    Nick Sharp, deputy director economic crime, said the seizure should ’serve as a warning‘ to those hoping to use crypto to hide money.

    He added: ‚We constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets.‘

    It comes as Chelsea legend John Terry was forced to remove the Premier League trophy from his non-fungible token (NFT) after the iconic piece of silverware was used in digital assets promoted by the former England captain.

    Terry, who now works as a consultant at Chelsea at an academy level, has been promoting cartoons of baby apes on his Twitter page, which includes illustrated images of the different trophies he has won throughout his career.

    However, one of the titles that surrounds the cartoon ape was the Premier League trophy, which is protected by its trademark.

    Use of its image requires a licensing agreement with the Premier League if it is used in any commercial venture.

    In March last year, meanwhile, a digital collage by American artist Beeple sold for a record $69.3 million at Christie’s, fetching more money than physical works by many better-known artists.

    Everydays: The First 5,000 Days‘ became the most expensive ever NFT.

    It is a collage of 5,000 individual images, which were made one-per-day over more than thirteen years, and was billed by the auction house as ‚a unique work in the history of digital art‘.

    The heirs of Pablo Picasso, the famed 20th-century Spanish artist, are also understood to be vaulting into 21st-century commence and joining the NFT craze by selling 1,010 digital art pieces of one of his previously unseen ceramic bowls.

    NFTs can only be purchased via specific platforms, such as OpenSea and Foundation, and are to be bought using cryptocurrency.

    The two biggest and most popular cryptocurrencies are Bitcoin and Ethereum, although there are more than 5,000 different varieties in circulation.

    Find more: 1.4m uk nft – Krypto-NFTs

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