Content adapted from this Zerohedge.com article : Source
Bitcoin whales could be facing a bit of trouble.
As part of a settlement with the IRS, Coinbase is turning over information on 13,000 accounts. Coinbase is the United States' largest cryptocurrency exchange.
Over the last few days, the price of bitcoin dropped below $10,000 after having peaked recently at the $12,000 mark.
According to Cointelegraph, Coinbase sent out notices on Friday to the individuals who's information is being sent to the IRS. This might be a strenous week for many.
The IRS had [initially asked][7] Coinbase in July 2017 to hand over even more detailed information on every one of its then over 500,000 users in an attempt catch those cheating on their [taxes][8]. However, another court order in Nov. 2017 [reduced this number][9] to around 14,000 "high-transacting" users, which the platform now reports as 13,000, in what Coinbase calls a "partial, but still significant, victory for Coinbase and its customers."
On Friday, Coinbase told the around 13,000 affected customers that the company would be providing their taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.
It has not been a great year for centralized exchanges. This action comes on top of some well-publicized hacks costs hundreds of millions of dollars.
Non-adapted content found at zerohedge.com: Souce
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