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Israeli Duo Found Guilty of Large NFT Tax Evasion Scheme Worth $2.2M

The Israel Tax Authority in Jerusalem is investigating two NFT creators for possible tax evasion.

The suspects, Avraham Cohen from Jerusalem and Antony Polak from Har Adar, allegedly did not report earnings of approximately 8 million Israeli New Shekel (NIS) from the sale of an NFT based on a 3D scan of the Western Wall, per The Jerusalem Post.

The suspects sold their NFTs through their website, holyrocknft.com. According to the investigation, the suspects sold 1,700 works since 2021 and obtained 620 Ethereum in payment, which was equivalent to approximately NIS 8 million at the time of the transactions. However, the suspects did not report these earnings as business earnings.

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