News NFTs Worth $1.8M Seized by UK Law Enforcement for the First Time

[Admin]

Her Majesty’s Revenue and Customs (HMRC) with the UK has announced their first seizure of Non-Fungible Tokens (NFTs). Part of a wider fraud and tax evasion investigation, the NFTs alone were worth an estimated $1.8 million.

NFTs Worth $1.8M Seized by UK Law Enforcement for the First Time : Read more

 

[InvalidError]

Good news for everyone who doesn't do crypto: every report of crypto getting seized is one more report telling criminals and tax cheats that laundering crypto may not be as safe as previously thought and make crypto that much less desirable.

 

[derekullo]

I pictured the investigators schmoozing the defendents like in the Thomas Crown Affair.

 

[HyperMatrix]

How do you seize fake property that doesn’t actually exist. Wait...how do you own fake property that doesn't exist in the first place?

 

[InvalidError]

How do you seize fake property that doesn’t actually exist. Wait...how do you own fake property that doesn't exist in the first place?

Your bank accounts are just numbers in the bank's electronic ledger. All it takes to seize an account is access to the bits of data needed to move the contents to a different account. As for how much it is worth, it is worth whatever people are willing to pay for it on the speculative assets market.

The dollar doesn't have a fixed intrinsic value either, it is also only worth what the market thinks it is worth. This is one of the reasons why we get inflation whenever the dollar's value is getting challenged or just because the economy is adjusting to absorb excess free cash flow. Governments around the world injected trillions of dollars into the world economy to power through covid disruptions and now the global economy is adjusting to bleed those trillions of dollars out of circulation so we get an inflation spike.