A Possible Tax Evasion Tactic?


A BAYC NFT holder just sold his Ape for 200 USDC. A pricey mistake? or a tax evasion tactic? Observants vouch for the latter. Boredapebot, a page that tweets the sales of BAYC NFTs, tweeted the transaction.

The BAYC NFT, #6462, was sold for as less as $200. It sounds too good to be true and too good to be an accident. The Bored Ape Yacht Club NFTs is one of the most expensive collections out there. The Ape, which currently stands at a floor price of 105.1 ETH ($218,006.09), was sold for a price that some wouldn’t even dream of even on their worst day.

The #6462 Ape holds some unique characteristics, including a police helmet, a pizza, and a bone necklace.

All those who have been around for some time are aware that crypto and blockchain transactions are irreversible. And an accidental click can be as good as losing everything. We witness some rare moments where such incidents do happen. But let us take a deeper look to see if something is fishy.

A tax write-off trick by the BAYC holder?

While it may seem like a costly mistake at a single glance, we can’t negate the fact that it can be otherwise.

Since the news was out, crypto users have been tracking the NFT holder and coming up with solid assumptions that it is another tax evasion attempt. Some users are saying that the buyer and the seller are the same.

A deeper look into the history of the OpenSea transactions reveals that the NFT was sold a couple of times for more than 2 ETH ($7,000) a year ago. Ever since the NFT was minted, it has been transferred a minimum of five times between different wallets.

Moreover, the buyer account is just a month old. Interestingly, the seller accepted the offer in just 3 mins. While some speculate that this is a potential tax-evading trick, some sympathetic users feel for the NFT seller. This is not the first time a user has sold their NFTs for far less price than it is actually worth. Incidents like this pop up now and then, but the truth might never come out so quickly.

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