• Tax authorities in Israel are investigating two NFT creators who failed to report $2.2 million in revenue from their digital works.
• The tokens they offered were based on a 3D scan of the stones of the Western Wall.
• A graphic designer from Tel Aviv was recently arrested for similar offenses, failing to report 3 million shekels from his sales on the NFT marketplace Opensea.
NFT Creators Investigated in Israel for Alleged Tax Evasion
Israel’s tax authority is after two creators of non-fungible tokens (NFTs) suspected of failing to report almost $2.2 million in revenue. The news of the investigation comes after the recent arrest of a graphic designer from Tel Aviv accused of similar offenses.
Thousands of ‚Western Wall NFTs‘ Allegedly Sold Without Tax Reporting
Israel Tax Authority is investigating two NFT creators in Jerusalem who did not report millions of U.S. dollars in revenue received from the sale of their digital works. The tokens they offered were based on a 3D scan of the stones of the Western Wall. The suspects, Avraham Cohen and Antony Polak, own the Holyrocknft.com website through which they sold their NFTs, the Jerusalem Post reported on Sunday. The platform claims to „combine the business world and technological progress with Jewish faith and spirit.“
Allegations & Arrests
Investigators were able to establish that since 2021 the two Israelis sold 1,700 digital works for 620 ETH. At rates at the time of transactions, the total was worth around 8 million shekels (or close to $2