NFTs seized by UK tax authorities for the first time

Illustration by Alex Castro / The Verge

The UK’s tax department, Her Majesty’s Revenue and Customs (HMRC), says it’s the first authority in the country to seize an NFT, BBC News reports. The seizure was made as part of a £1.4 million (roughly $1.9 million) fraud case, in which three individuals have been arrested. The authority seized £5,000 worth of crypto assets (around $6,762) alongside three NFT artworks which have yet to be valued.

As cryptocurrencies have exploded in price, high profile seizures by authorities have become increasingly common. Just this month the USA’s Department of Justice seized $3.6 billion worth of cryptocurrency linked to the 2016 Bitfinex hack. But this is one of the first high profile seizures of NFTs, digital assets that attempt to serve as proof…

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Slippage Tolerance

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At Slippage Tolerance, we provide you with the information you need to maximize your savings on transaction fees when buying and selling your Cryptocurrencies.

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