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Riding The Wave
Riding The Wave
Riding The Wave News Summary 118

Riding The Wave News Summary 118

Tax strategies allow crypto investors to offset losses, FBI seizes $100K in NFTs from scammer following ZachXBT investigation, & more.

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Thomas Holland
Feb 05, 2023
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Riding The Wave
Riding The Wave
Riding The Wave News Summary 118
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. Tax strategies allow crypto investors to offset losses

  3. FBI seizes $100K in NFTs from scammer following ZachXBT investigation

  4. YouTuber baits MMA fighter into secretly shilling fake NFTs for $1K

  5. Bitcoin, S&P 500 Close In on Bullish 'Golden Cross' Signal


Tweets

Twitter avatar for @intocryptoverse
Benjamin Cowen @intocryptoverse
The smoothed recession probability indicator says that there was a 5% probability of a recession in Dec. 2022. The highest this has ever gone without turning into a recession is ~30%. Anything over that has ended with a recession. This is the highest it has been since 2009.
Image
9:53 PM ∙ Feb 4, 2023
367Likes39Retweets
Twitter avatar for @StackerSatoshi
Satoshi Stacker @StackerSatoshi
Would you survive the 9 months of bleeding if that scenario plays out? #Bitcoin
Image
1:35 PM ∙ Feb 4, 2023
1,359Likes238Retweets
Twitter avatar for @intocryptoverse
Benjamin Cowen @intocryptoverse
Total crypto market cap logarithmic regression
Image
10:26 PM ∙ Feb 4, 2023
351Likes34Retweets
Twitter avatar for @WhaleChart
whalechart.org @WhaleChart
BREAKING: Unsuccessful and liquidated hedge fund 3AC, has successfully completed funding for a new crypto exchange GTX.
4:33 PM ∙ Feb 4, 2023
904Likes178Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: 🇬🇧 Bank of England believes the UK will create a digital pound CBDC by 2030.
10:47 PM ∙ Feb 4, 2023
1,986Likes386Retweets
Twitter avatar for @intocryptoverse
Benjamin Cowen @intocryptoverse
Despite all the VC money, despite all the NFTs, despite all the flippening talk, despite all the trillions printed, etc. #BTC dominance still remained higher the entirety of this last cycle than it did back in 2018. #Bitcoin is king, not your altcoins
Image
6:52 PM ∙ Feb 4, 2023
1,321Likes111Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive @BTC_Archive
JUST IN‼️ Apple considered cryptocurrencies a "Ponzi" and deliberately made App Store approvals vague and difficult - ex-Head of Apple's App Store 🤔
12:11 PM ∙ Feb 3, 2023
1,899Likes247Retweets
Twitter avatar for @nickgerli1
Nick Gerli @nickgerli1
Inventory on the Housing Market is exploding. 📈 Nashville, Austin, and Phoenix have 3x more homes on the market today compared to one year ago. Expect home prices to continue crashing in the metros on this list throughout 2023.
Image
3:09 PM ∙ Feb 3, 2023
1,543Likes298Retweets

Tax strategies allow crypto investors to offset losses

Lisa Greene-Lewis, a certified public accountant at TurboTax, told Cointelegraph that while crypto investors made huge gains in 2021, this changed drastically in 2022. “We have seen a crypto winter occur, and TurboTax wants to help investors cope with their losses,” she said. According to Greene-Lewis, tax-loss harvesting is the most important notion to keep in mind when it comes to saving money when filing taxes.

While the last day for tax-loss selling for 2022 passed on Dec. 30, Greene-Lewis reiterated that crypto investors can still perform this action since those losses roll forward.

Lubka further pointed out that tax-loss harvesting is beneficial because there is currently no “wash sale rule” applied to crypto, which would prevent the tax break if an investor bought that same asset 30 calendar days before or after the sale. “This means that crypto investors can sell their assets and then instantly buy those back while locking in the loss on their taxes.” While this is certainly advantageous, Lubka believes that this process will likely change in the near future.

Donating to charity is another way for crypto investors to reduce their taxable income, which can be a good strategy during a bull market. Alex Wilson, co-founder of The Giving Block — a crypto donation platform — told Cointelegraph that donating cryptocurrency is tax efficient because it allows investors to avoid capital gains tax. He said:

“If an investor bought Bitcoin at $1 and sold it at current market prices, that would normally be taxed. But if you donate the Bitcoin to a nonprofit, it becomes tax deductible. These deductions are even higher when donated to a 501(c)(3) charity.”

Individual retirement accounts, or IRAs, are yet another way for crypto investors to reduce their taxable income. Similar to a 401(k), assets held in traditional IRAs will grow tax-deferred, meaning investors won’t have to pay income tax until assets are taken out.

Pat White, the CEO of Bitwave — a crypto tax, accounting and compliance platform — further told Cointelegraph that crypto investors should be concerned that the IRS might impose wash trading rules in the future. However, he noted that there are still options for tax-loss harvesting in the case of this scenario. “Investors could find ways to exit their coin positions into different assets. For example, Bitcoin could go into wrapped Bitcoin, which could satisfy the wash trading rules but would also harvest a loss,” he explained.

Full Article


FBI seizes $100K in NFTs from scammer following ZachXBT investigation

The Federal Bureau of Investigation (FBI) has seized 86.5 Ether and two nonfungible tokens (NFTs) worth more than $100,000 from a reported phishing scammer.

The alleged scammer in question, Chase Senecal — known as Horror (HZ) online — was initially exposed via a lengthy investigation by independent blockchain sleuth ZachXBT posted back in September 2022.

The FBI’s official notification on Feb. 3 outlined that Seneca’s property — including an Audemars Piguet royal oak watch worth $41,000 — was “seized for federal forfeiture for violation of federal law.”

The FBI’s notification did not detail much other information on the ordeal apart from noting that all of the property was seized on Oct. 24, 2022. The seized NFTs included Bored Ape Yacht Club#9658 and Doodle #3114, valued at $95,495 and $9,361 respectively, at the time of seizure.

The 86.5 ETH was valued at $116,433 at the time of seizure but is now worth $144,000.

While the FBI has not come out with an official tip of the hat to ZachXBT, the on-chain sleuth noted via Twitter on Feb. 3 that the property seizure did “come as a result” of his investigation.

In a medium post from Sept. 2, 2022, ZachXBT explained that after seeing HZ brag about the new watch on social media, he asked “around a few mutual friends who sell watches” and eventually managed to get in contact with the person who sold that specific AP watch to Senecal.

“The address HZ used to pay the watch seller $47.5k was DIRECTLY funded by multiple addresses used to scam people with hacked Twitter accounts such as @deekaymotion, @Zeneca_33, @ezu_xyz, [and] @JRNYclub,” ZachXBT wrote.

Full Article


YouTuber baits MMA fighter into secretly shilling fake NFTs for $1K

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