NFT ARTIST’S $8.7M EARNINGS FROZEN FOR ALLEGED MONEY LAUNDERING!
A Latvian artist is being investigated for allegedly using the sale of non-fungible tokens, or NFTs, to launder money; he faces up to 12 years in prison. In addition, the authorities have frozen his financial accounts without informing him and started an investigation.
Ilya Borisov, a Latvian artist, and developer, is facing charges that he utilized virtual treasures to launder $8.8 million (€8.7 million), as investigators claim to have proven. He vehemently rejects any misconduct and intends to pursue justice in court.
Under the name “Art Crime,” Borisov developed a website that details how the Latvian government froze his accounts without giving him any official notification. As a result, the artist was the target of a criminal investigation that began in February. Still, he didn’t learn of it until May.
The website claims that the Latvian earned the disputed sum by selling 3,557 NFTs. According to a report from the cryptocurrency news site Bits. Borisov said he didn’t want to evade taxes and even questioned the revenue agency about it. As a result, he paid almost €2.2 million in income tax in only 2021.
However, Borisov is being tried for widespread money laundering and faces a maximum sentence of 12 years in prison. He claims that the accusations have had a profound moral impact on him. The artist, of Russian descent, is also concerned that Moscow’s military incursion into Ukraine would sway the judge’s ruling in his favor.
Ilya Borisov underlined that blockchain technology provides numerous prospects for artists such as himself, and he criticized regulators for severely limiting these opportunities.