A 45-year-old Pennsylvania man is facing up to six years in prison after failing to disclose the sale of millions of dollars worth of Ethereum blockchain. Created in 2017, the collection is one of the oldest and most valuable brands in the NFT space. At its peak, a single Punk sold for $23.7 million, according to the collection’s website.
During the NFT frenzy, the DOJ statement says Wilcox sold 62 Punks for over $7.4 million in 2021 and another 35 Punks for nearly $5 million in 2022.
It’s unclear how the DOJ discovered the undeclared sales.
CryptoPunks have significantly declined in value since 2022 but are still worth thousands of dollars each. The cheapest Punk is currently on sale for 42.42 Ethereum or $70,000, according to the website. Earlier this month, an anonymous holder sold a Punk for $6 million, $10 million less than they bought it for last year.
