Can't cash out my crypto and live my life...

[mariodraghi]

Hello everyone, I'm new to the forum but have been lurking in the background for some time now. Hopefully, someone has a clear solution for my "problem".
A bit of context first:

I was one of the many lucky investors who managed to make a life-changing amount of money through crypto, but I'm not hitting a massive roadblock.

For the last almost decade my only focus has been to acquire more capital through any means, investing in shitcoins, playing with decentralized Ponzi schemes, any defi dapp you can name, and so on and so forth...

I've given absolutely no f*ck about accounting because for the most part, I was underage when I first started out, and then I didn't bother keeping account of everything I've done in crypto.
I'm now at a point where I can't just cash out 5/10k through p2p platforms and just stay under the radar, I've tried complying with my local tax laws and my local banks but it's just not doable.

Everyone (as they should) is asking about all sorts of documents, a decade of transactions, and explanations about s**t I don't even remember doing... (I've switched to new wallets at least 100 times).
As someone who started with 0 (like actually nothing), I got my starting capital from small tasks online being paid in btc, got addicted to gambling early on but managed to turn my dust into something (3 or 4 btc at the time), after that I managed to get extremely lucky with ETH being early and understanding the concept of many of the first decentralized applications on-chain and investing in some other shitcoins along the way...

Long story short, I'm now sitting on quite a bit of change and no real explanation of how I got it. I don't want to turn what I've obtained legally into something that could get me in jail (money laundering).

I think I've given enough context, you can probably guess what my question will be.

How do I comply with Source of fund requests and anti-money laundering in my situation?

I've genuinely tried gathering my initial transactions, but being paid anonymously online didn't really help.
All I have is some transaction IDs dating back almost a decade ago, without my name ever attached to a centralized exchange or any platform.

From my understanding and my experience with banks, all they care about is having some sort of receipt of you buying crypto with a wire or some sort of traceable payment method and a direct link to the crypto you have now and your name.
I don't have either of those things.

Thanks to anyone who might have a solution.

 

[scooterguy]

Can't you just say that you bought it 10 years ago when it was new, cheap and unregulated?

Also, if you can, maybe move to a country without capital gains tax or without crypto tax for a while, and preferably a third-world country without an advanced tax office that won't ask many questions (if any at all), such as El Salvador or Laos.

 

[mariodraghi]

Can't you just say that you bought it 10 years ago when it was new, cheap and unregulated?

Also, if you can, maybe move to a country without capital gains tax or without crypto tax for a while, and preferably a third-world country without an advanced tax office that won't ask many questions (if any at all), such as El Salvador or Laos.

No, you can't just say you bought it 10 years ago without giving proof.

Why would I risk getting killed or kidnapped by being one of the few rich folks in a third-world country? I'd rather stay poor in my home country if that's the only option lol.

 

[JohnnyDoe]

First step is to buy a Gold mentor group membership, which you should be able to afford and can be paid in crypto

 

[mariodraghi]

First step is to buy a Gold mentor group membership, which you should be able to afford and can be paid in crypto

(?)

 

[latindev]

If you don't want to do shady stuff and prefer to be on the side of the law (what I will do in your case): All the proofs are in the blockchain, just get a csv with all of the transaction hashes and try to explain most of them at the "end day". All of your accounts are tied at some point because the only way they are not is if you had used either mixers (illegal), or you used a centralized service (in which case now you have proof of usage before).

It's a pain in the a*s that's for sure, but if the number is big enough I would have already done it.

 

[mariodraghi]

If you don't want to do shady stuff and prefer to be on the side of the law (what I will do in your case): All the proofs are in the blockchain, just get a csv with all of the transaction hashes and try to explain most of them at the "end day". All of your accounts are tied at some point because the only way they are not is if you had used either mixers (illegal), or you used a centralized service (in which case now you have proof of usage before).

It's a pain in the a*s that's for sure, but if the number is big enough I would have already done it.

Gathering the transactions isn't a problem, the "explaining" is the problem.

For most of the stuff that used to happen years ago, there really isn't an explanation.
Imagine trying to convince a bank that in 2018 as an underage kid, you deposited money that you originally got from underage gambling, into a smart contract, and a day later you cashed out 30x your deposit lol.

Oh, I forgot to say that the gambling sites I was using were completely illegal and operating without any license...
It's just a massive mess

 

[JohnnyDoe]

(?)

https://www.offshorecorptalk.com/th...ecome-a-member-of-the-mentor-group-gold.28558

 

[mariodraghi]

https://www.offshorecorptalk.com/th...ecome-a-member-of-the-mentor-group-gold.28558

I will stick to the normal forum for now, thanks

 

[latindev]

Imagine trying to convince a bank that in 2018 as an underage kid, you deposited money that you originally got from underage gambling, into a smart contract, and a day later you cashed out 30x

Don't get me wrong but... What's difficult about that? The gambling part as an underage? That's a problem for the entity not you in almost all of the world. Just show the payment you made to the gambling's site address and show that you then got paid that amount from them. If they want to dig then they need to contact the entity who was actually offering you the service (if you know the owners even easier, just tell the bank their names) and breaking the law. If you drink a beer in a disco being a 12yrs old kid the one who is in trouble is the entity not you.

Oh, I forgot to say that the gambling sites I was using were completely illegal and operating without any license...
It's just a massive mess

Zero issues for you, issues for the unlicensed gambling site... Unless the issue is that gambling is completely ilegal where you live, in which case you will never be able to cashout legally without getting creative in some jurisdictions.

 

[bibing]

How old are you?

 

[mariodraghi]

How old are you?

I'm over 18

 

[bibing]

Anyway move to a crypto friendly country, get residency and cash out some of your crypto

 

[mariodraghi]

I would of never thought of that

 

[void]

how much are we talking about? do you need/want to cash it out all at once for some reason or just trying to cover your daily expenses?

 

[meze99]

How do I comply with Source of fund requests and anti-money laundering in my situation?

The thing is that AML rules are so complicated that a bank/EMI can refuse any of your Source of Funds documents without justification and hold your money forever. No bank has published a list of documents that can be accepted to unlock a frozen account.
The easiest thing in your case - just stick to using cash for most of your expenses and keep most of your salary in a bank account if your goal is to have some savings in a bank.
Moving to another country is a crazy idea if your crypto savings is something like $100k. It only makes sense if you have millions.
The same goes about SoF documents. Don't bother for $100k. Remember that funds in a bank account are always at risk even when they are not connected to crypto (It's like Not Your Vault - Not Your Gold).

 

[blancmon229]

Hello everyone, I'm new to the forum but have been lurking in the background for some time now. Hopefully, someone has a clear solution for my "problem".
A bit of context first:

I was one of the many lucky investors who managed to make a life-changing amount of money through crypto, but I'm not hitting a massive roadblock.

For the last almost decade my only focus has been to acquire more capital through any means, investing in shitcoins, playing with decentralized Ponzi schemes, any defi dapp you can name, and so on and so forth...

I've given absolutely no f*ck about accounting because for the most part, I was underage when I first started out, and then I didn't bother keeping account of everything I've done in crypto.
I'm now at a point where I can't just cash out 5/10k through p2p platforms and just stay under the radar, I've tried complying with my local tax laws and my local banks but it's just not doable.

Everyone (as they should) is asking about all sorts of documents, a decade of transactions, and explanations about s**t I don't even remember doing... (I've switched to new wallets at least 100 times).
As someone who started with 0 (like actually nothing), I got my starting capital from small tasks online being paid in btc, got addicted to gambling early on but managed to turn my dust into something (3 or 4 btc at the time), after that I managed to get extremely lucky with ETH being early and understanding the concept of many of the first decentralized applications on-chain and investing in some other shitcoins along the way...

Long story short, I'm now sitting on quite a bit of change and no real explanation of how I got it. I don't want to turn what I've obtained legally into something that could get me in jail (money laundering).

I think I've given enough context, you can probably guess what my question will be.

How do I comply with Source of fund requests and anti-money laundering in my situation?

I've genuinely tried gathering my initial transactions, but being paid anonymously online didn't really help.
All I have is some transaction IDs dating back almost a decade ago, without my name ever attached to a centralized exchange or any platform.

From my understanding and my experience with banks, all they care about is having some sort of receipt of you buying crypto with a wire or some sort of traceable payment method and a direct link to the crypto you have now and your name.
I don't have either of those things.

Thanks to anyone who might have a solution.

First step, is hopefully you are not a US citizen. If you are, then you need to get that in order, because there is no way you will cash out while being a US citizen.
If you're not, then just search the forum for what others have done in similar situations. I have seen this situation discussed plenty of times. If you look hard enough you will find a solution.

 

[banafinfodafuggiano]

Why make it so complicated?

There are places in the world where you can sell crypto for cash without ID.

Up to a year ago I had friends in Italy and Poland able to both buy and sell Bitcoin from ATMs without providing an ID. Now it has changed but there are places where you can still do it.

Also, you can move to Dubai and buy a lambo in crypto, or buy a thai elite visa in Thailand with crypto and move there for 10 years and your home country tax agency won't care anymore if you can provide proof of tax residency there.

 

[blancmon229]

Also, you can move to Dubai and buy a lambo in crypto

I know people can buy everything with crypto in dubai. But I'm curious if for a lambo, watch or house they ask for SoF or they just don't care?

or buy a thai elite visa in Thailand with crypto and move there for 10 years and your home country tax agency won't care anymore if you can provide proof of tax residency there.

I heard it is hard to wire money out of Thailand once you cash out.

 

[jafo]

This is easily solvable!

What country are you in?

Note: @meze99 is a 100% correct! Not your bank, not your money! It's a 2/3 multisig when money is in the bank. Plot twist: The gov. and the bank won't need your "keys". They both vote to grab your money!

Also: @JohnnyDoe is 100% correct. Get yourself a Mentor Group Gold. If you can't afford to pay €95/month for a solution you can do it yourself, well... I rather not disclose what I think.