Latvian NFT artist’s $8.7M earnings frozen for alleged money laundering
Latvian government freezes $8.7M in earnings of NFT artist Ilia “Shvembldr” Borisov for alleged money laundering. Authorities believe Borisov is involved in an elaborate illegal scheme. Indeed, the developer could face up to 12 years in prison – but is he guilty?
Why is Latvian NFT artist accused of money laundering?
Ilya Borisov, known as Shvembulder, made headlines this week after the Latvian government froze his $8.7 million income. To clarify, state officials have accused a Latvian NFT artist of money laundering.
However, Ilya Borisov disagrees. In fact, we can read his side of the story through Art in Crime – the artist’s website. Borisov recalled his first contact with Latvian authorities in February 2022. Since then the authorities have deprived the artist of his rights as a Latvian citizen.
In addition, Borisov said that the authorities did not inform him of any charges. Instead, he suddenly froze all his assets without notice.
“I have not broken a law, I am acting transparently and honestly. I have not concealed my income and have paid all required taxes. For this I have been treated worse than a criminal and denied the opportunity to defend myself.” Borisov claimed.
Who is Ilya “Shvembalder” Borisov?
Ilya Borisov is a developer and generative NFT artist working under the nickname “Shvembalder”. Content Creator is one of the most successful NFT creators of 2021. Amazingly, his 3,557 digital assets earned him a total of $8.7M.
On February 10, however, Borisov’s life changed when the authorities began seizing his assets. Nevertheless, he claimed that he was paying taxes on his NFT activities throughout 2021.
If convicted, the Latvian NFT artist could spend the next 12 years in prison on money laundering charges.
Same is the case with Lee Anh Tron, founder of The Baller Apes Club. The content creator could face up to 40 years in jail due to the alleged crypto scam case. You can read all about it here!
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