Writing off a Crypto Scam

If you have participated in a scam (SFYL) and would like to write it off in our application then you can use the code ‘$SCAM’ as the bought currency with a quantity of zero on our Manual Trade page.

Your currency sold would be the asset being written off and the sold quantity is the quantity you are writing off.

It is not uncommon to have lost the trade data of a scam. In this instance we generally recommend tracking down the withdrawal to the exchange/scammers wallet (usually in BTC or ETH).

If you did at some point receive tokens then you can generally use coinmarketcap to estimate how much of the scam token was bought (if you ever received any) based on how much BTC or ETH was sent. You can then later write off the tokens as $SCAM on whatever the appropriate date would be.

If you didn’t ever receive tokens then you can generally write off the BTC or ETH as $SCAM on the date of the transaction (but check with your tax agent of course).

 

Note: the ATO has criteria you must meet to be able to claim a capital loss or theft or stolen cryptocurrency. Read here for more information.

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