Nowadays tax evasion has become one of the most common practices done by cryptocurrencies holders to avoid huge taxes imposed by the financial authority of any nation. In a recent development, the authorities of the United Kingdom have seized properties linked to the popular Tate family.
In a most recent decision, the British court has authorized the seizure of £2.7 million assets including crypto from well-known personalities and influencer siblings Andrew Tate and Tristan Tate over the allegations of not paying taxes. As per the court’s belief, the Tate brothers have primarily failed to file taxes on £21 million from the earnings gathered between 2014 and 2022, which include their crypto ventures as well.
It is worth noting that the accused individuals have been residing in the UK since 2017, and have also shown a keen interest in digital assets. The recent action of the court has been followed by the arrest of both Andrew and Tristan in Romina over the charges of human trafficking, sexual assault, and rape.
The court also found that the revenue and net worth of the Tate brothers have surged at a greater pace in the past few years primarily due to tax evasion. It is worth noting that some of the seized funds are allegedly involved in human trafficking, and rape including other criminal activities.
A person known with the facts quotes ” From the outset, we have aimed to demonstrate that Andrew and Tristan Tate evaded taxes and laundered money through bank accounts located in Devon. Both individuals are alleged to have concealed the origins of their income by channeling money through ‘front’ accounts, constituting criminal activity and rendering those earnings proceeds of crime.”
Celebrities’ involvement surging in Crypto illicit activities!
According to available information, popular personalities like Mr. Beast, Logan Paul, Snoop, and a few others have faced severe allegations over market manipulation and illicit activities using cryptocurrencies.
Earlier on November 20, Todayq reported that Logan Paul the known YouTuber and social media influencer has faced allegations of misleading fans, earning huge profits.
The majority of available data and facts point straight fingers toward Paul, the wallets held by Help allegedly sold the token/coin that he promoted in the initial days.
The surging usage of social media to endorse cryptocurrencies and other similar has opened up many opportunities for bad actors. Some hackers and fraudsters have constantly demonstrated their knowledge and understanding by victimizing millions of innocent investors.
The majority of times leading crypto moguls like Justin Sun and others have criticized the token by personalities terming them, block-based waste of no real use cases. It has also been observed that these celebrities majorly launch their own name coin and tokens on different blockchains.
Despite these negative cases and reports, the memecoin category has demonstrated its dominance in terms of prices, volume, market capitalization, and adoption.
On the other hand, the wider crypto market has also demonstrated its relevance, Bitcoin the pioneer of the market has recently surpassed its all-time high acquiring a fresh milestone.
