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hi guys,

how would you assess the possibilities: 11 years ago i put a few thousand usd into crypto via face2face cash and i simply forgot about the coins. The coins have not been moved until now and are now worth several million.
If I look at the source of the coins, they come more from the dubious crypto exchange direction from back then. I no longer have proof that I bought them.

How do you assess the situation and how would banks and crypto exchanges react? how would you proceed?

I would be happy for any assessment.
 
Keep BTC, sell as much as needed to cover living expenses on P2P, to me if you want.
I would put it also on to a company "name". Estonian or Latvian company - so no income tax on company level. The legal system of these countries is based on german law, so familiar to you.
In case you want to diversify (which i do NOT recommend), it is easy to buy those investments for the company.
 
then generate monthly yield
how can a guy like you who made this money (by accident) think about generating yield using different assets? ;)

use 2-5k per month simply with credit cards and bank account to live.
this must be easy for you to find a person with the opposite problem and get cash....

don't overthink it and enjoy
 
If I turn 1000 euros into a million, will the banks ask where I got the 1000 euros after such a long time?
No, and if you can show them in the wallet, exchange etc. that you started by paying in the 1000 euro there is no problem if you ended up with a million. The tax man will want to hear from you in this case.
 
Sale after 1 year is tax-free here. I just can't provide proof of exchange or account data. I only have the wallet
Then you have extremely obvious on-chain proof as the coins haven't moved in 11 years right?

As long as in Austria you don't have to provide the tax authority with an overview of all your assets (like in some countries) you are in full compliance.
 
Talk to https://alt.co/ They specialize on explaining crypto stuff to banks. Just tell them literally what you told in your first message. If you can demonstrate that you had a job 11 years ago (so this few thousand eur are from salary, not suspicious sources) and have conversation with seller in e-mail, you are golden. If not, still fine probably.

To be honest, if you just want to spend a few thousand through a card, go ahead and do it, you need nothing more. You will not be seriously questioned regarding this amount. Register at Kraken, show them coins from 11 years ago, they will understand. Withdraw to N26 monthly, spend with card, they don't care.

Be careful with moving coins. Now you have perfect proof - the coins sitting at the address for 11 years. Everybody can understand that. If you do some creative things with exchanges-DEXes-staking etc, a year later you may find yourself in situation where nobody likes you because they don't understand half of this creative things, cannot check and think it's suspicious.

Cheers.
 
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