The Cryptopia shutdown and the importance of saving your transaction data
Cryptopia’s reopening following the $16 million hack in January was a short celebration, as the exchange has shut down again — this time seemingly for good. The obvious issue is whether users will get their funds back, but there’s a second issue with sudden exchange shutdowns as well.
When an exchange like Cryptopia closes, you're likely to lose access to your transaction history. In regards to cryptocurrency taxes, you need your full transaction history to properly report your gains and losses. Every crypto to crypto and crypto to fiat trade is a taxable event.
What can I do?
If you’ve lost your Cryptopia transaction history, don’t worry: there’s a few steps you can take. Of course, you can try emailing the address provided: email@example.com. Considering the volume of emails the liquidators are receiving regarding funds, a request for transaction history may fall to the wayside, despite the importance of that information.
For our VIP clients, we help reconstruct the trading history the best we can, using any information we can get, like deposits sent to or withdrawals received from Cryptopia. We’ve even used deposit/withdrawal and trade confirmation emails to help reconstruct trade history. You can read more on how we do this on our blog post here.
Best future practices
We highly recommend regularly archiving your exchange transaction history on a regular basis. With TokenTax, your data stays on your account, and with a 2019 plan, you can view your gain/loss and tax liability in real time, and keeping a running log of your data on your TokenTax account is a great way to stay on top of your transaction history data.
When it's time to file your taxes, your data will already be ready, meaning creating your tax forms will be a breeze!
TokenTax does the work so you don’t have to.
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