cryptocurrency scam

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(Enthusiast)Enthusiast

4 Jan 2022

I have a question regarding Cryptocurrency scam

My client joined a cryptocurrency trading group via facebook. She has transferred money from her Australian bank account to a trading platform and from the trading platform to another trading platform. However, the second platform disappeared after few months which mean she has lost all her investment. Is she able to claim the capital loss? What documents does she need to provide for her claim?

Thanks,

Amy

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BlakeATO

(Community Support)Community Support

ATO Certified Response

5 Jan 2022

Hi @AmyZhang

If your client has become a victim of theft/scam of their crypto, they can claim a capital loss for it.

The kinds of evidence they will be required to have will be the same as those who hold crypto, plus details of when they lost their access to their crypto/platform, the details of the platform, and proof the crypto was maintained/kept by the client (for example, the evidence of transactions linked to their name).

You can read about this on loss or theft of crypto on our website.

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BlakeATO

(Community Support)Community Support

ATO Certified Response

5 Jan 2022

Hi @AmyZhang

If your client has become a victim of theft/scam of their crypto, they can claim a capital loss for it.

You can read about this on loss or theft of crypto on our website.

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