Failures in Cryptocurrency Exchanges Create Tax Challenges for Investors

December 16, 2022

FORVIS: In 2022, several centralized cryptocurrency exchanges filed for bankruptcy due to being overleveraged, dragging the overall cryptocurrency market down. The total cryptocurrency market capitalization (or market cap) peaked in late 2021 at approximately $3 trillion, but as of this writing is now under $1 trillion. Investors that held assets on centralized cryptocurrency exchanges likely want to know what their options are for recouping losses on their federal income tax returns. Read more…