IRS and Cryptocurrency and Cryptoqueen took in billions

Last August the WSJ reported on one of the world’s biggest cryptocurrency frauds where the promoter, Ruja Ignatova, a lawyer who once worked for McKinsey and Company created a pyramid scheme and took in over $4 billion before going into hiding and has not since been found. This is a very interesting story and an example of great WSJ investigative reporting. Cryptocurrency is a hot topic right now as it is very hard to trace. However, the IRS is catching on.

This week the WSJ reported on the IRS’s current efforts to make taxpayers aware of their responsibilities to consider the taxable impact of cryptocurrency transactions.

Instructions: Read through the following two articles and comment on your impressions of this fraud and the IRS’s position that cryptocurrency transactions are reportable. There is no required length here. I just want you to be exposed to this hot topic issue.

https://www.wsj.com/articles/onecoin-took-in-billions-then-its-leader-vanished-11598520601?mod=searchresults&page=1&pos=4

https://www.wsj.com/articles/bitcoin-irs-comes-for-crypto-investors-who-havent-paid-their-taxes-11620937095?page=1

find the cost of your paper