Wallets linked to Sam Bankman-Fried's Alameda Research unexpectedly begin selling off $1.7 million in tokens
Tax loss harvesting service emerges to help collectors unload their worthless NFTs
Wallets known to be controlled by Alameda Research, the crypto trading firm founded my Sam Bankman-Fried and currently in bankruptcy with the other FTX companies, suddenly began selling off large quantities of mostly small altcoins on December 28. Whoever controls the wallets swapped the tokens for Tether stablecoins or Ethereum, then tumbled the funds through cryptocurrency mixers — a strong sign that this was probably not just the FTX liquidators consolidating wallets.
Altogether, an estimated $1.7 million was moved through various services to obfuscate the flow of funds.
Altogether, an estimated $1.7 million was moved through various services to obfuscate the flow of funds.
Tax loss harvesting service emerges to help collectors unload their worthless NFTs
If you bought an NFT for $1,000 and it's now worthless, you still have to find someone willing to buy it before you can claim it as a loss on your taxes. A project called "Unsellable" has emerged to fill that need—buying worthless NFTs for $0.01 (for a small fee) so that people can claim the losses.
"This tool really helped me unload those embarrassing early NFT Hype investments. Should shave about $1000 off my tax bill", a supposed user writes in a testimonial blurb on the site (although the testimonials appear to be faked).
Perhaps someone has finally found a viable NFT business model after all.
"This tool really helped me unload those embarrassing early NFT Hype investments. Should shave about $1000 off my tax bill", a supposed user writes in a testimonial blurb on the site (although the testimonials appear to be faked).
Perhaps someone has finally found a viable NFT business model after all.