Be careful out there..
Bitcoin Investor Ordered to Surrender Crypto Keys in Landmark Case
An early bitcoin investor from Texas has been ordered by a federal judge to relinquish access to his cryptocurrency holdings by handing over the private keys and access codes to his wallet in a landmark case.
The order came after Frank Richard Ahlgren III underreported capital gains on more than $3.7 million in bitcoin sales between 2017 and 2019, leading to a two-year prison sentence being handed down in December after he was sentenced for tax fraud.
On Jan 6., Judge Robert Pitman of the Federal Court of Austin directed Ahlgren and any of his family members, associates or representatives to disclose all physical devices used to store his cryptocurrency, over owing the U.S. government about $1.1 million in restitution.
The order also requires the parties to identify all cryptocurrency accounts related to bitcoin, bitcoin cash, bitcoin gold, ether, or litecoin, and barred Ahlgren from doing any crypto transactions without prior court approval.
That includes any action that would conceal or diminish the value of the cryptocurrency he holds, except if being used for “normal monthly living expenses.” The case marks the first criminal tax evasion prosecution centered on cryptocurrency.
ATO - Australian Rules below:
https://www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments/how-to-work-out-and-report-cgt-on-crypto
The most common use of crypto is as an investment, in which case the crypto asset is a capital gains tax (CGT) asset.
If you acquire a crypto asset as an investment, transactions such as disposal or exchange or swap are a CGT event and you may make a:
past performance yada yada.
my nice safe bond portfolio is not shooting the lights out????
A great preso to share with those who struggle with the "why?" of Bitcoin.
What was the orignal intent for BTC?
Bitcoin Years Later: Was the Nakamoto White Paper Right?