Cryptocurrency lost as wallet provider shut down

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(Newbie)Newbie

7 Aug 2023

I bought Cardano (Ada) tokens back in 2017 and put them in a wallet called "Infinito". I didnt check it till now and found that cardano had upgraded to a new wallet system called "Shelley" and Infinto had put a deadline of moving the token from old wallet to the new wallet till 7th July 2022. And in Jul 2023 the wallet has completely shutdown. My tokens are stuck. Am I able to claim capital gains loss on this and what date would I calculate the Ada price for my loss calcualtion? would it be Jul 2022 or Jul 2023?

Thanks

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JacobATO

(Community Support)Community Support

8 Aug 2023

Hey @u3357

That’s super unfortunate to hear. The short answer is yes you would be able to claim a capital loss as you have lost the asset. As for the cost base, you would use the cost of the asset when you purchased it.

We’ve got some useful articles when it comes to crypto and more specific information for this situation about loss of crypto on our website.

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JacobATO

(Community Support)Community Support

8 Aug 2023

Hey @u3357

We’ve got some useful articles when it comes to crypto and more specific information for this situation about loss of crypto on our website.

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Cryptocurrency lost as wallet provider shut down

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