Here’s what happened in crypto today
Today in crypto, a non-fungible token (NFT) trader could face up to six years in prison after pleading guilty to underreporting nearly $13 million in profits from trading CryptoPunks, crypto gaming and gambling campaigns are proving tougher to onboard crypto users than other sectors of the industry, and US President Donald Trump has exempted select electronics from trade tariffs.
NFT trader faces prison for $13 million tax fraud on CryptoPunk profits
A non-fungible token (NFT) trader could face up to six years in prison after pleading guilty to underreporting nearly $13 million in profits from trading CryptoPunks, according to the US Attorney’s Office for the Middle District of Pennsylvania.
Waylon Wilcox, 45, admitted to filing false income tax returns for the 2021 and 2022 tax years. The former CryptoPunk investor pleaded guilty on April 9 to two counts of filing false individual income tax returns, federal prosecutors said in an April 11 press release.
Back in April 2022, Wilcox filed a false individual income tax return for the tax year 2021, which underreported his income tax by roughly $8.5 million and reduced his tax due by approximately $2.1 million.
In October 2023, Wilcox filed another false individual tax income return for the fiscal year of 2022, underreporting his income tax by an estimated $4.6 million and reducing his tax due by nearly $1.1 million.
Wilcox pleads guilty to false tax filing, press release. Source: Attorney’s Office for the Middle District of Pennsylvania
“The total maximum penalty under federal law for these offenses is up to six years of imprisonment, a term of supervised release following imprisonment, and a fine,” according to the statement. However, the exact details and timing of his sentence remain unclear.
Crypto gaming and gambling ads “most expensive” for onboarding users
Crypto gaming and gambling campaigns are the most expensive way to acquire users with existing crypto wallets, ranking highest in cost among all sectors of the crypto industry, recent data shows.
“Gaming and gambling campaigns are the most expensive, with a median CPW of $8.74 and a lower quartile of $3.40,” Web3 marketing firm Addressable co-founder Asaf Nadler said in a recent report posted on X.
CPW results across various sectors of the crypto industry. Source: Asaf Nadler
CPW, or cost per wallet, is deemed a higher “quality” metric because it tracks the cost of website visitors with a crypto wallet already installed in their browser.
Nadler previously told Cointelegraph that their analysis data showed that users with a wallet are more likely to convert to crypto products.
Select electronics spared from reciprocal tariffs
Select electronic products, including smartphones, processing chips, and computers are exempt from ‘reciprocal’ tariffs under President Trump’s sweeping tariff order, a relief to US tech companies and shareholders.
According to a release from the US Customs and Border Protection, other consumer electronics such as internet modems, storage devices, and components such as semiconductors are also exempt from the additional reciprocal tariffs.
Notice exempting select electronics from reciprocal trade tariffs. Source: US Customs and Border Protection
The price of Bitcoin (BTC) surged by approximately 2.5% on the same day of the announcement and broke the $85,000 level.
Bitcoin’s price reaction could signal that at least some investors are entering the market again as risk appetite rebounds on positive macro headlines.
