[Question] FTX Distribution Issue

[legrant]

Long story short, I got caught on FTX bankruptcy, I'm on the non-convenience class so later next year I should be receiving approximately 60-90% of the claim, and the remaining 53-83% after months/years in probably smaller quantities.

I live in a western european country, taxmen are not aware of any of this so I more than obviously cannot have the wire be sent to a local bank account or have a cheque be cashed in over here either, because while there is an explanation for the incoming transfer as it comes from bankruptcy proceedings and there's documents for all of that, there is no documentation as to where that money initially came from. So I'm left with not a lot of options, so if anyone is able to provide some ideas/help I'd be thankful.

Some of my ideas were:

• Using a bank account in another country (unsure how they'd treat a >50k wire)
• Using an EMI, same as above
• Moving to another country, change tax residency and doing either of the options above
• Selling my claim for a potential 20-60% loss and get the money on crypto. Claims are expected to be paid at a 127-143%, however recent dockets show how it may go up to 180% recoveries. Claims my size go for 105-115%

Consider I have never paid taxes and as far as taxmen know I have never worked or had any income.

As per the original source of the money, it is all legal, however, impossible to prove as it was untangible goods and services paid in crypto back in 2019-2021

 

[wellington]

Your Gov already have the data

 

[legrant]

Your Gov already have the data

Thanks for the reply, not what I was asking for though.

 

[wellington]

Thanks for the reply, not what I was asking for though.

Exactly what you were asking, you were asking about hiding this from the Gov, your Gov has already been made aware thus you can't hide it, and you'd best come clean.

 

[legrant]

Exactly what you were asking, you were asking about hiding this from the Gov, your Gov has already been made aware thus you can't hide it, and you'd best come clean.

Starting to doubt your reading comprehension, you excel in making wrong assumptions though. Tax agency is not aware of anything, and even if they were, it is too late for them to act on it in terms of income tax. However, as stated on the post, I'm just asking for an opinion on what'd be the best way to, as you say, hide the money. I'm not asking you for your opinion as to whether my government knows or doesn't know about this or that.