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 Liquidating millions worth of crypto

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OlgaC4
post Nov 16 2022, 09:36 AM

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QUOTE(icemanfx @ Sep 21 2022, 09:54 PM)

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May be view. Please read
jack2
post Nov 16 2022, 09:38 AM

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QUOTE(OlgaC4 @ Nov 16 2022, 09:36 AM)
This guildline does not make sense.
If i make lost can i claim from LHDN.
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yes, such losses can be carried forward to offset future taxable profit.

This post has been edited by jack2: Nov 16 2022, 09:38 AM
OlgaC4
post Nov 16 2022, 09:40 AM

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QUOTE(jack2 @ Nov 16 2022, 09:38 AM)
yes, such losses can be carried forward to offset future taxable profit.
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Ok. Then it work like company tax then
icemanfx
post Nov 27 2022, 11:47 PM

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QUOTE(Secretx @ Apr 3 2022, 02:24 AM)
Hello,

I have some questions regarding how to liquidate my crypto into MYR.

It's a long journey.. I started in late 2020 and managed to turn few thousand (MYR) into a few million (USD).

Currently, I'm mostly sitting in USDC in FTX and doing lending.
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Hope you are not trapped by ftx downfall.

TSSecretx
post Dec 8 2022, 09:39 PM

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QUOTE(jack2 @ Nov 16 2022, 08:45 AM)
Did TS get affected after FTX files bankruptcy?
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Just saw this.. Yea, a lot of money is stuck there, pretty bad. I'm filing proof of claim soon, selling my claim to a hedge fund.

My headache is now how to declare it tax-wise because they are paying directly into my bank account. Not sure this kind of transaction is categorized under what.
TSSecretx
post Dec 8 2022, 09:40 PM

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QUOTE(icemanfx @ Nov 27 2022, 11:47 PM)
Hope you are not trapped by ftx downfall.
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Trapped lol
teslaman
post Dec 8 2022, 09:41 PM

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QUOTE(Secretx @ Apr 3 2022, 02:24 AM)
Hello,

I have some questions regarding how to liquidate my crypto into MYR.

It's a long journey.. I started in late 2020 and managed to turn few thousand (MYR) into a few million (USD).

Currently, I'm mostly sitting in USDC in FTX and doing lending.

I'm looking to liquidate some of the USDC into MYR, about 500k USDC worth.

My question is, can I just do that with LUNO straight and declare them accordingly in the personal tax bracket?

I can buy BTC in FTX, transfer them to LUNO, and then sell them and cash out.

Is there any concern that I should be aware of?

I'm looking to buy house / car after declaring them.

To add some story:

I started to onboard crypto with P2P in Binance to purchase USDT, when I earn my first pot of gold of crypto I didn't do that anymore. So it's just crypto gain rolling more crypto gain. I used to trade derivatives in Binance, now trading full time in FTX.

Thanks.
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Manage to liquidate or not since FTX issue?

teslaman
post Dec 8 2022, 09:43 PM

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QUOTE(jack2 @ Aug 24 2022, 03:55 PM)
yes, but I wont answer more it should have until you have confirmed to use my services with payment. Due to past experience, all earned millions but too kedekut to make hundred or thousand service.
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Yeah, even 5-10% service fee donwan to share. Now all endup loosing many thousands or even millions lol.
jack2
post Dec 8 2022, 10:02 PM

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QUOTE(Secretx @ Dec 8 2022, 09:39 PM)
Just saw this.. Yea, a lot of money is stuck there, pretty bad. I'm filing proof of claim soon, selling my claim to a hedge fund.

My headache is now how to declare it tax-wise because they are paying directly into my bank account. Not sure this kind of transaction is categorized under what.
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Able to get back 100%?

QUOTE(teslaman @ Dec 8 2022, 09:43 PM)
Yeah, even 5-10% service fee donwan to share. Now all endup loosing many thousands or even millions lol.
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Haha, nothing related even if he opted to my service, FTX is still collapsed biggrin.gif
icemanfx
post Dec 8 2022, 10:44 PM

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QUOTE(Secretx @ Dec 8 2022, 09:40 PM)
Trapped lol
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Sorry to learn. how many digits?

TSSecretx
post Dec 8 2022, 10:48 PM

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QUOTE(icemanfx @ Dec 8 2022, 10:44 PM)
Sorry to learn. how many digits?
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I'm at the top 50 creditor list fwiw
TSSecretx
post Dec 8 2022, 10:49 PM

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QUOTE(jack2 @ Dec 8 2022, 10:02 PM)
Able to get back 100%?
Haha, nothing related even if he opted to my service, FTX is still collapsed biggrin.gif
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Nope, as stated I'm selling my proof of claim at $0.1 to a dollar, so yea amen lol
jack2
post Dec 8 2022, 11:18 PM

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QUOTE(Secretx @ Dec 8 2022, 10:49 PM)
Nope, as stated I'm selling my proof of claim at $0.1 to a dollar, so yea amen lol
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90% loss doh.gif
icemanfx
post Dec 9 2022, 01:57 AM

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QUOTE(Secretx @ Dec 8 2022, 10:49 PM)
Nope, as stated I'm selling my proof of claim at $0.1 to a dollar, so yea amen lol
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Ftx liabilities > assets; liquidators like John Ray iii is very expensive, few if any will buy 'proof of claim' for $0.1.

This post has been edited by icemanfx: Dec 9 2022, 03:34 AM
Wedchar2912
post Dec 9 2022, 12:22 PM

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QUOTE(Secretx @ Dec 8 2022, 10:49 PM)
Nope, as stated I'm selling my proof of claim at $0.1 to a dollar, so yea amen lol
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not bad really if you can still get 10 cent to the dollar.

still a dollar millionaire...

but really, whats the likelihood of that? Lehman, which is a regulated entity, only managed like 20 cent recovery.
mirakurumimagic
post Dec 10 2022, 04:36 PM

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QUOTE(Secretx @ Dec 8 2022, 10:48 PM)
I'm at the top 50 creditor list fwiw
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Being in the top 50 shows that you have more than $20 millions trapped on FTX.
Rip. Your size was size.

user posted image
jack2
post Dec 10 2022, 05:08 PM

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QUOTE(Secretx @ Dec 8 2022, 10:48 PM)
I'm at the top 50 creditor list fwiw
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so sad, you should not put all in one shoe.
Wedchar2912
post Dec 11 2022, 07:31 PM

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QUOTE(jack2 @ Dec 10 2022, 05:08 PM)
so sad, you should not put all in one shoe.
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this would have been one big systemic risk example not to emulate. No different than some I know that kept all their wealth in their firm's equity/shares and then their firm share price collapse.

maybe we all worry for no reason for TS, as who knows... that 20 million usd is just a faction of his wealth. notworthy.gif
teslaman
post Dec 13 2022, 05:36 PM

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QUOTE(jack2 @ Dec 8 2022, 10:02 PM)
Able to get back 100%?
Haha, nothing related even if he opted to my service, FTX is still collapsed biggrin.gif
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Yes mega losses for those greedy, then can just keep all the bits of crypto coins and print.
Wedchar2912
post Dec 22 2022, 12:29 PM

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QUOTE(Secretx @ Dec 8 2022, 10:48 PM)
I'm at the top 50 creditor list fwiw
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curious... would you don't mind sharing your experience post crash/ftx bankruptcy?

anyone from the enforcement side contacted you? since you are one of the top 50.. curious on how they get hold of the depositors/investors.
SBF and his lieutenants are in custody...



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