The Latvian government has put a hold on the earnings of NFT artist Ilya Borisov, which are worth about €8.7 million. This is because money laundering is suspected. If he is found guilty, he could go to jail for up to 12 years.
Borisov says that the government filed a case against him in February 2022, but he didn’t find out about it until May, which is three months later.
Borisov said that 3,557 NFT releases brought in €8.7 million during the NFT market’s peak in 2021.