UK tax authorities have seized Non-Fungible Tokens (NFT) amid a probe involving suspected VAT fraud involving 250 alleged fake companies.
The people behind the crime were allegedly attempting millions of dollars in attempted fraud as UK authorities began the probe. The criminals had reportedly hid their real identity and made false identities, UK’s revenue and customs officials said.
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The people involved in the crime reportedly also used pre-paid unregistered mobile phones, VPNs and false invoices to defraud people.
Last week, the US Justice Department had recovered 94,000 bitcoin stolen six years ago valued at $3.6 billion. A couple were reported to be involved in the scam. They were arrested and charged while facing nearly 20 years in prison.
The couple used the funds to buy gold and digital NFTs, US officials said.
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NFTs are digital items that can be bought and sold using blockchain technology on specialised platforms. Last year, crypto data site Dapp had reported that land worth over $100 million was sold in metaverse sites, Decentraland, The Sandbox, CryptoVoxels and Somnium Space.
Decentraland puts everything from land to virtual artwork in the form of NFTs as people have sent thousands of dollars to acquire digital items.
The value of Bitcoins soared to record levels last year valued at $68,513 in November 2021. However, it also witnessed rapid fluctuations.
(With inputs from Agencies)
