UK tax authority seizes NFTs for first time in £1.4m fraud probe

clock • 2 min read
UK tax authority seizes NFTs for first time in £1.4m fraud probe

The UK's HM Revenue & Customs tax authority has seized three Non-Fungible Tokens (NFT) after an investigation into suspected VAT fraud involving 250 alleged fake companies. It said three people had been arrested on suspicion of attempting to defraud it of £1.4m, in what was the first such case of enforcement in the UK. 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 ...

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