Crypto high 6 fig with no source of funds no tax returns looking to offramp

[5K1PP3R]

Aren't all these secured loans? I mean if they accept a DeFi loan they should have some kind of knowledge of how those work and look in to the collateral and ask how you earned that.

I've never done it but it can look like this. You borrow DAI against BTC. You send DAI to a EU licensed exchange and sell for EUR. You send EUR to your bank which asks POF. You show the loan, print some PDFs from the DeFi website. The f off. Then you buy a house with this money. Same story, you show the loan and the exchange tx history. Then you pay off the loan with your other BTC. Banks/Notary don't have procedures to continue checking if you still have the loan. That's why ChatGPT keeps saying it's not a taxable event when I am asking wtf is DeFi good for.

 

[rss]

I've never done it but it can look like this. You borrow DAI against BTC. You send DAI to a EU licensed exchange and sell for EUR. You send EUR to your bank which asks POF. You show the loan, print some PDFs from the DeFi website. The f off. Then you buy a house with this money. Same story, you show the loan and the exchange tx history. Then you pay off the loan with your other BTC. Banks/Notary don't have procedures to continue checking if you still have the loan

It's all fun and games till you get stopped at the very first step.

What's the source of your crypto?
Don't have one? Sure, we'll keep your money until you provide an answer that we like, we may or may not keep your money forever

 

[5K1PP3R]

What's the source of your crypto?

most of the people have transactions showing they bought BTC during the years it was cheap

 

[rss]

most of the people have transactions showing they bought BTC during the years it was cheap

I know you haven't read all 7 pages of this thread but did you at least bother to read the very first post, or even the title?

 

[daniels27]

I know you haven't read all 7 pages of this thread but did you at least bother to read the very first post, or even the title?

Of course not. Is this mandatory to read it? He is just a bit late to the party.