A College student lost cryptocurrency $ 755 000 (119,28 BTC): Blame the bears?

A bear market has hit many cryptocurrency traders. But while many investors have had to withdraw their funds left, and those who now literally crying from damages.

For example, a College student who bought the Bitcoin at a price of $ 5,000 in 2017, have expressed their disappointment with the loss of $ 755,000 (119,28 BTC), asking like-minded people, not if he destroyed his life. The fact that the guy was left alone with taxes on cryptocurrency trading in the $ 400 000, which he is unable to pay.

A user under the name Throwaway283921 explained on Reddit that started trading cryptocurrency in may 2017, after he learned that his friend traded Ethereum. He signed up for Coinbase and invested $ 5 000, which was half of his savings.

He’s started to sell Bitcoin in a pair of Ethereum, driving means back and forth, making the end of 2017 more than ten-fold increase in initial investment and in December of 2017 earned a whopping $ 880 000 (139,03 BTC).

The purpose of “Throwaway” was to withdraw money after he crossed the 1 000 000 dollars. It is a peculiar tradition followed by most cryptocurrency investors, but the hero of our story foolishly invested in a fraudulent ICO, which has led to irreparable loss of his condition. On arrival of bears on the market the guy managed to lose about 755 000 dollars, saving all of $ 125,000.

He explained:

“I didn’t know anything about taxes, so I didn’t bother putting nothing on hold. Me that nobody taught. I invested in several failed ICO, tokens which fell without any chance of recovery. Today my portfolio is $ 125 000 and not $ 880 000. The amount of taxes I have to pay for 2017, is approximately $ 400 000 (lives in California)”.

Now the student, following the advice of the cryptocurrency community to consult with a tax lawyer specializing in crypto-currencies and alternative investments.

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