Investigations into the collapsed cryptocurrency exchange FTX have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities, but the full extent of losses to customers is still unknown.
Former chief executive Sam Bankman-Fried has been accused of committing “one of the biggest financial frauds in US history.”
Mr Bankman-Fried has been quoted as saying “I didn’t knowingly commit fraud. I don’t think I committed fraud. I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was.”
Related content from Claritax Books
In Cryptocurrency and Other Digital Assets – Tax Law and Practice, by Andy Wood, the author explores how established principles of UK taxation (e.g. trading or investment, the nature of income, the location of assets, tax reliefs) are properly applied to the fast-moving crypto world.