Latvian Police Seized €8,700,000 of Famous NFT Artist.

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On February 10, 2022, the Latvian Police took Ilja Borisovs, better known by his stage name Shvembldr and considered to be one of the most successful NFT artist, and confiscated all of his belongings.

After 160 days, the Latvian Police informed Ilja Borisovs that his €8,700,000 had been taken due to money laundering. Initially, Ilja Borisovs did not know why the Latvian Police had confiscated his property; however, the Latvian Police did inform him that his property had been taken due to money laundering.

While it’s Important for the NFT Community to Spread the Word Regarding this. To increase Awareness Ilja Borisovs initiated where he shares his progress regarding the charges against him.

A non-fungible token, or NFT, is a kind of digital asset that may be stored on a blockchain but cannot be traded for other tokens on the network. Due to the fact that they are non-fungible, it is impossible to replace them with another instance of the same sort.

As per Ilja Borisovs in 2021 – total of 3557 NFT’s were Released on Ethereum Blockchain and recieved total of 4253 Ethereum. Ilja Borisovs Withdrew €8,700,000 from coinbase in 2021 while his total Tax liability was 3,102,167 €

How Does NFT’s Work?

NFC Transfers may include anything from pictures and music to trinkets and animated GIFs, and they can even include skins for videogames. It is possible for anyone to create a non-fungible token (NFT), but nobody can guarantee that it will sell well or fetch a high price on the markets for non-fungible tokens. This is because an NFT needs to be a one-of-a-kind work of art that is appealing to a wide audience in this day and age of digital technology.

The non-fungible token is saved on the blockchain, which is a distributed digital ledger that duplicates data across all of the computers that are connected to a network and keeps it electronically in a digital format. This distributed ledger is used by every cryptocurrency and non-fiat currency (NFT) since its use is the only way to ensure that transactions are both quick and transparent.

The ability of apps backed by blockchain technology, such as Smart Contracts, to monitor every step of the agreement process, from the facilitation to the implementation, is a game-changer.