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Ponzi crypto scam

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Newbie

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Hey guys,

In 2018 my best mate and I signed up with a company called USI tech we invested roughly 14/16 k into bitcoin buying packages. 4/5 months in the company just disappeared and myself and friends lost our investments and were left searching for answers. They claimed to be doing maintenance on the website and eventually it vanished.(ponzi scam)

not only myself and probably close to a million others have no way of tracing our losses, we have accepted the fact it’s completely gone. My question is do I need to declare these loses as they were bought through a third party company who then in return gave us bitcoin packages?

Before making the purchase we had to transfer the money from our CoinJar wallet. I’m still struggling to find the transactions and I think the only way possible is through bank statements.

There were no capital gains or losses it was basically money stolen from us and the millions of others

Will the ATO be chasing me up for capital losses ?

Also if I bought directly into alternative crypto coins and ran at a major loss when I sold them do I still need to declare the loses ?

Thank you,
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 0

@Jc151 

 

You can not be chased up for 'losses'

 

Losses offset 'gains'.

 

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

@Jc151 

 

You can not be chased up for 'losses'

 

Losses offset 'gains'.