While most victims of crypto and NFT fraud will not get their investments back, they may be able to take advantage of some tax benefits. Tax attorney Steven Chung shares how fraud victims can use theft loss deductions to offset ordinary income.
Bitcoin became a news sensation in 2017, when its value skyrocketed almost overnight to $20,000 per coin. A few years later, the non-fungible token also gained notoriety. Promoters of NFTs claimed that their uniqueness would turn them into collectibles, creating demand that would lead to a profit if they were later sold.
Despite the potential and promises, many cryptocurrencies and NFTs have gone bust in recent months, with swaths of investors losing most, if not all, of the value. In some cases, the creators and promoters were simply unable to achieve the goals they promised. But others were scams in which the creators had no intention of repaying their investors and would disappear after taking the investors’ money, also known as rug pulls....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...