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Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Coinpedia Fintech News on March 06, 2023, 09:42:08 AM

Title: Israeli Authorities Are Looking Into Possible Tax Evasion by NFT Founders
Post by: Coinpedia Fintech News on March 06, 2023, 09:42:08 AM

• The Israel Tax Authority is investigating two NFT creators in Jerusalem for not reporting millions in revenue from the sale of their digital works based on a 3D scan of the Western Wall.
  
  The suspects, Avraham Cohen and Antony Polak, sold 1,700 digital works for 620 ETH, worth around $2.2 million, but did not report the revenue as business earnings.
  
  Suspicions of criminal activity were raised as some funds were transferred between wallets.
  
  The suspects were released under certain conditions, including handing over control of the ether wallets.
  
  The Holy Rocks NFTs sale has been stopped until the legal proceedings end.
  
  Another designer was also recently arrested for not reporting NFT sales revenue.
  
  Crypto assets are yet to be comprehensively regulated in Israel.