Israel's Tax Authority Probes NFT Creators Over Alleged Tax Evasion

Israel's 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.

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.

The Jerusalem Magistrate's Court released the two on probation and ordered them to hand over the ETH tokens and keys to associated wallets.

Nevertheless, the project has agreed to stop selling the Holy Rocks NFTs until the end of legal proceedings, according to its website.

Take advantage of NFTs with these emerging trends, Contact an NFT development company now!