{"id":8748,"date":"2022-02-25T08:21:20","date_gmt":"2022-02-25T08:21:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/irs-says-it-is-fighting-mountains-of-crypto-nft-fraud-and-celebrity-shills\/"},"modified":"2022-02-25T08:21:21","modified_gmt":"2022-02-25T08:21:21","slug":"irs-says-it-is-fighting-mountains-of-crypto-nft-fraud-and-celebrity-shills","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/irs-says-it-is-fighting-mountains-of-crypto-nft-fraud-and-celebrity-shills\/","title":{"rendered":"IRS Says It Is Fighting \u2018Mountains\u2019 of Crypto &#038; NFT \u2018Fraud\u2019 and Celebrity Shills"},"content":{"rendered":"<div>\n<figure class=\"image\"><figcaption>Source: AdobeStock \/ Sergey<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>The United States tax body, the <strong>Internal Revenue Service<\/strong> (IRS), says it believes the crypto and non-fungible token (NFT) space is beset with \u201cfraud\u201d \u2013 and has warned that celebrities promoting crypto on social media could face probes.<\/p>\n<p>Bloomberg reported that the comments came from Ryan Korner, a special agent who leads the Los Angeles field office of the IRS\u2019s Criminal Investigation department \u2013 which investigates tax and financial crimes. Speaking at an event organized by the <strong>USC Gould School of Law<\/strong>, Korner claimed:<\/p>\n<blockquote>\n<p>\u201cWe\u2019re just seeing mountains and mountains of fraud in this area. [&#8230;] We\u2019re not necessarily out there looking for celebrities, but when they make a blatant or open comment that says: \u2018Hey, IRS, you should probably come look at me\u2019 \u2013 that\u2019s what we do.\u201d<\/p>\n<\/blockquote>\n<p>Korner added that NFTs and crypto are \u201cripe for market manipulation,\u201d and opined that \u201chigh-profile investors\u201d wield the ability to \u201csway asset prices with a single tweet.\u201d<\/p>\n<p>The IRS is responding by beefing up its capacities to fight crypto and NFT-related crime by training its staff in new and digital forms of crime \u2013 with an emphasis on crypto and NFT-related matters.<\/p>\n<p>Korner said of crypto and NFTs:<\/p>\n<blockquote>\n<p>\u201cThis space is the future.\u201d<\/p>\n<\/blockquote>\n<p>He added that the IRS was not acting alone, either, and was \u201clooking to increase collaboration and information sharing with other federal agencies,\u201d such as the <strong>Department of Justice<\/strong>, in order \u201cto make sure everyone is on the same page.\u201d<\/p>\n<p>Korner hinted that NFT prices appeared to be unduly inflated, and that this fact was cause for concern for the agency.<\/p>\n<p>He claimed that operatives \u201cworry when they see people paying millions of dollars for assets like NFTs\u201d \u2013 particularly if they \u201cdon\u2019t seem to have that kind of inherent value.\u201d<\/p>\n<p>The IRS, Korner added, thinks that criminals can use inflated prices and market manipulation tactics to launder money from underworld enterprises and drug trafficking rackets.<\/p>\n<p>Earlier this month, the IRS indicated that it was willing to step up its scrutiny of crypto ATMs in the United States, after accusations that the machines could be used to facilitate payments to fund criminal behavior including human trafficking and drug sales.<\/p>\n<p>____<\/p>\n<p><strong><\/strong><br \/><strong>&#8211; <\/strong>Crypto Tax Trends in 2022: Increased Reporting, Updated Rules, and a Wealth Tax Debate\u00a0<br \/>&#8211; Have We Reached Peak NFT Hype?<\/p>\n<p>&#8211; South Korean Presidential Candidates Pledge Lower Taxes for Crypto Traders, End to ICO Ban<br \/>&#8211; Rio\u2019s Treasury Reserves to Be Made up of 1% Crypto, City May Enable BTC Tax Payments<\/p>\n<p>&#8211; How to Shield Your Crypto Gains and Avoid Getting Audited for Your Crypto Trades in US<br \/>&#8211; Japanese Tax Body Updates Crypto Guidelines for Staking and Lending, but Not NFTs<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Sergey \u00a0 The United States tax body, the Internal Revenue Service (IRS), says it believes the crypto and non-fungible token (NFT) space is beset with \u201cfraud\u201d \u2013 and has warned that celebrities promoting crypto on social media could face probes. Bloomberg reported that the comments came from Ryan Korner, a special agent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-8748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS Says It Is Fighting \u2018Mountains\u2019 of Crypto &amp; NFT \u2018Fraud\u2019 and Celebrity Shills | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/irs-says-it-is-fighting-mountains-of-crypto-nft-fraud-and-celebrity-shills\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IRS Says It Is Fighting \u2018Mountains\u2019 of Crypto &amp; NFT \u2018Fraud\u2019 and Celebrity Shills | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Source: AdobeStock \/ Sergey \u00a0 The United States tax body, the Internal Revenue Service (IRS), says it believes the crypto and non-fungible token (NFT) space is beset with \u201cfraud\u201d \u2013 and has warned that celebrities promoting crypto on social media could face probes. 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