UK: HMRC seizes NFT for first time in L1.4m fraud case

[Eugene]

Source: BBC

HMRC seizes NFT for first time in £1.4m fraud case

14 February 2022

The UK tax authority has seized three Non-Fungible Tokens (NFT) as part of a probe into a suspected a VAT fraud involving 250 alleged fake companies.

HM Revenue and Customs (HMRC) said three people had been arrested on suspicion of attempting to defraud it of £1.4m.

The authority said it was the first UK law enforcement to seize an NFT.

NFTs are assets in the digital world that can be bought and sold, but which have no tangible form of their own.

The digital tokens, which emerged in 2014, can be thought of as certificates of ownership for virtual or physical assets. NFTs have a unique digital signature so they can be bought and sold using traditional currency or crypto currency, such as Bitcoin.

-snip-

Read more: https://www.bbc.com/news/business-60369879

[brush]

1. Phoney, phoney, phoney.

Not fu_king tangible.

[Farmer-Rick]

2. Capitalism .....one big long con

Everything is a con in late stage capitalism.

Let's hope we come to our senses before we make the planet uninhabitable.

[IbogaProject]

3. Non-Fungible

It is fixed and unalterable. The one promising thing of the field is the ability for a creator to get resell commission on every future resell. Only the originator can put that into the token, so it may allow artists and their heirs to get pieces of resells on the rare work that becomes popular.