Latvian NFT artist called Ilya Borisov has been impeached for money laundering and his NFT income of €8.7 million is frozen by the government. Borisov could also confront up to 12 years in jail if establish sinfully.
On February 10, 2022, my normal life ended, and all hell broke easy. All of my possession was seized by Latvian police (@Valsts_policija) without a single note. They rejected to call me, behaving illegally and unprofessionally.
Borisov announced that he received the above-cited €8.7 million by trading 3,557 NFT in 2021.
Because of the deficiency of clear crypto laws in Latvia, he composed to the Latvian State Revenue Service (VID) on directions he could expend his unpaid taxes.
He was inquired to express as a ‘self-employed person’ and spend fees on the payment withdrawn in euros. He turned out to spend up to €2.2 million as tax in 2021 alone.