Solana: a beacon of hope for investors

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After hacking thousands of wallets, Solana users have created steals nearly $ 8 million in cryptocurrency.

It could be possiblereduce damage caused by this terrible event for some. Australian, Canadian and British investors really can declare your portfolio compromise a tax loss, experts say.

For now, Solana users have had to transfer their funds to other safer places. The tension is still palpable, given the still inexplicable circumstances of Solana’s raid.

What happened to the Solana cryptocurrency?

On Wednesday, July 27, 2022, the Internet almost caught fire. 7,000 crypto wallets were hacked unknown authors. Well-known Solana reports such as Phantom and Slope were among the first to report the attack on their social media.

In order to access Solana customers’ wallets, the hackers hacked their private keys. This allowed them to track the accounts of the victims without a trace.

The investigation continues, the reasons are being clarified

For now, users should play it safe. Lot of Scammers ride the wave and offer users to pass this test. Again, these are scammers looking to take advantage of the current situation.

Anyone who comes to you with a solution to this problem is deceiving you. The only thing you need to do is move the rest of your funds to safer places like hardware wallets.

Solana’s spokesperson spoke about the situation and explained it Every means is used to discover the deeper cause of this hack.. According to some blockchain analysts, attackers may have taken advantage of a loophole in the supply chain that allows access to private keys. This error is displayed exclusively for IOS.

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That’s how it is right now it is unclear whether SOL holders can get their funds back.

At the same time, SOL appears to have recovered from hacking with the price at its lowest point on July 26-27, 2022.

Solana Prize 27 July 2022

Tax loss declaration, solution for SOL

It remains alone hope for the wounded this dramatic CryptoTaxCalculator CEO event, Shane Brownclaimed that cryptocurrencies lost in a hack could be reported as a tax loss in some cases and jurisdictions.

Shane Brunett talks to us about this solution to the tax loss problem:

This means that the initial amount paid for the investment can be used to offset other capital gains.

Hence, it is a glimmer of hope for several thousand investors whose investments were withdrawn within hours.

Solution in conditions

However, not everyone can use this trick. What The rules of each country are different. and it is necessary to be interested upstream of its specificities to know if this process can be started or not.

Tax loss in Australia, Canada and the UK

Below are the steps for each country to report a tax loss:

  • Australia : In Australia, you can claim a tax loss. You must prove to the Australian Revenue Agency that the lost cryptocurrency belonged to you and was actually stolen. To prove the hack, you also need to provide the dates the private keys were received and lost.
  • In Canada and the UK A: The procedures are a bit more complicated than in Australia. In order to mitigate losses for tax purposes, interested investors should carefully follow the steps provided by the tax authorities of each country.
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USA: ban on reporting tax losses on cryptocurrencies

What Unfortunately, US investors are not eligible to use this solution.. The 2017 tax reform does not allow investors to recover these losses.

The latter must then exercise patience in the hope that the studies carried out will lead to the reimbursement of lost funds. The investigation is currently in full swing and some explanations for the problem are emerging.

Can we report a cryptocurrency tax loss in France?

What France provides a tax deduction for cryptocurrency losses. Therefore, it is possible to claim a tax loss if, for example, you have lost your cryptocurrency following an attack.

However, you can’t offset your losses only with assets of the same type. In other words, if you lose money with cryptocurrencies, you can only use the recovered capital to make more profits from cryptocurrencies.

This solution still allows you to approach cryptocurrency investments with greater security than in the United States!

To learn more about Solana hacking, visit our details page here.

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