DeFi

Today in crypto, the price of the Mantra token collapses, a non-fungible token (NFT) trader could face up to six years in prison after pleading guilty to underreporting nearly $13 million in profits from trading CryptoPunks, crypto gaming and gambling campaigns are proving tougher to onboard crypto users than other sectors of the industry. Mantra token collapses by 90% but retraces some value following statements from team The price of the Mantra token collapsed by over 90% on April 13 but regained some lost value following statements from the Mantra team and co-founder JP Mullin. Mantra's OM$0.7923 price collapsed to a low of approximately $0.38 before crossing back over $1, and is currently at that level. Mantra token price and overview. Source: CoinGecko According to the Mantra team, OM's price decline was due to "reckless liquidations" that the Mantra team is investigating. "One thing we want to be clear on: this was not our team. We are looking into it and will share more details about what happened as soon as we can," the team wrote in an April 13 X post. NFT trader faces prison for $13 million tax fraud on CryptoPunk profits A non-fungible token (NFT) trader could face up to six years in prison after pleading guilty to underreporting nearly $13 million in profits from trading CryptoPunks, according to the US Attorney’s Office for the Middle District of Pennsylvania. Advertisement Trade 275+ cryptocurrencies with zero fees on your first $10K using the Kraken App. World-class security and 24/7 support. Learn more at kraken.com/legal/disclosures. Ad Waylon Wilcox, 45, admitted to filing false income tax returns for the 2021 and 2022 tax years. The former CryptoPunk investor pleaded guilty on April 9 to two counts of filing false individual income tax returns, federal prosecutors said in an April 11 press release. Back in April 2022, Wilcox filed a false individual income tax return for the tax year 2021, which underreported his income tax by roughly $8.5 million and reduced his tax due by approximately $2.1 million. In October 2023, Wilcox filed another false individual tax income return for the fiscal year of 2022, underreporting his income tax by an estimated $4.6 million and reducing his tax due by nearly $1.1 million. Wilcox pleads guilty to false tax filing, press release. Source: Attorney’s Office for the Middle District of Pennsylvania “The total maximum penalty under federal law for these offenses is up to six years of imprisonment, a term of supervised release following imprisonment, and a fine,” according to the statement. However, the exact details and timing of his sentence remain unclear. Crypto gaming and gambling ads “most expensive” for onboarding users Crypto gaming and gambling campaigns are the most expensive way to acquire users with existing crypto wallets, ranking highest in cost among all sectors of the crypto industry, recent data shows. “Gaming and gambling campaigns are the most expensive, with a median CPW of $8.74 and a lower quartile of $3.40,” Web3 marketing firm Addressable co-founder Asaf Nadler said in a recent report posted on X. CPW results across various sectors of the crypto industry. Source: Asaf Nadler CPW, or cost per wallet, is deemed a higher “quality” metric because it tracks the cost of website visitors with a crypto wallet already installed in their browser.

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