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

Her Majesty’s Revenue and Customs (HMRC) with the UK has announced the country’s first seizure of Non-Fungible Tokens (NFTs) as part of a broader fraud and tax evasion investigation. This is the first time NFTs have been seized as assets, which should serve as a way for the justice system to recoup administrative and investigation costs. The seized NFTs alone are worth an estimated $1.8 million.

Nick Sharp, HMRC’s deputy director for economic crimes, said the NFT seizure is proof that HMRC is bound to “(…) constantly adapt to new technology to ensure we keep pace with how criminals and evaders look to conceal their assets,” adding that this event “serves as a warning to anyone who thinks they can use crypto assets to hide money from HMRC.” HMRC said it secured a court order authorizing the seizure of the three NFTs alongside around $6,765 worth of tokens for undisclosed cryptocurrencies.