Coinbase Shares The Data of 13,000 Users With The IRS

The wallet provider giant Coinbase has informed today that in the next days they will share the transactions logs of 13,000 users to the Internal Revenue Service, the USA National Tax Bureau.
This is the aftermath of a long fight of Coinbase to protect their users data. At first, the IRS demanded Coinbase to hand over the data of 500,000 users to be scrutinized, but after a long court battle (more than one year long), it finally reduced that number to the actual 13,000. The users selected are some of the higher exchangers ( buyers and sellers) on the service. Coinbase emailed and recommended the affected users to seek individual legal help in case that the IRS decides to pursue individual cases against them. The logs contain the said info from the year 2015 to 2017.
This marks a victory for the IRS and will help to obtain more logs from other local based exchanges. It is believed that more than 90% of the users that transact in crypto don’t declare these transactions to evade tax fees. So expect more of these kinds of legal battles later this year.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…