SEC Nabs Its First NFT Case, Commissioner Peirce Won’t Be Throwing a Party
Yesterday the SEC announced charges against Impact Theory, LLC, a media and entertainment company headquartered in Los Angeles, for conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of morons investors, including colossal idiots investors across the United States, through […]
The SEC Charges and Then Trolls Crypto Exchange Binance
Who needs an entire article about the SEC filing 13 charges against crypto exchange Binance and its founder Changpeng Zhao when the SEC is cranking out tweets like this? Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a […]
Deloitte Suddenly Placed a Bunch of Crypto Job Ads?
Blockworks has written about activity on LinkedIn and Google Jobs suggesting “that Deloitte is on the prowl for crypto natives to join its ranks.” A LinkedIn search shows 331 crypto-y roles at Deloitte, almost all of them posted last week. Blockworks’ job hunter says the other Big 4 — you know who they are — […]
Just Be Glad You Didn’t Have FTX As a Client
Not long after the November collapse of crypto exchange FTX one of the first questions asked was, naturally, “where were the auditors?” (Francine McKenna answers that question here on CoinDesk) In the weeks that followed the FTX implosion, firms that once bragged about their crypto practices quietly shuttered them and walked away and the once […]
Armanino’s Former Crypto Team Has Left and Formed Their Own Shop, Allegedly
Having happily offered services to crypto clients since 2014, Armanino very nearly marked ten years in the crypto space until the catastrophic collapse of crypto exchange FTX in November 2022 forced them to part ways with crypto clients seeking assurance, FTX being one of them. As a reminder, here’s what happened in December: Armanino is […]
Mazars and Armanino Just Abruptly Stopped Working For Crypto Clients
Two things to share today. First, Mazars has “paused” crypto work effective immediately. Reports WSJ: Cryptocurrency-trading giant Binance said the accounting firm it uses to reassure customers that their money is safe has paused all of its work for crypto clients, and said the outflows from its platform had swelled to $6 billion. Mazars, a […]
No One Should Be Surprised to Learn FTX Used QuickBooks
Before the House Committee on Financial Services on Tuesday, recently-appointed FTX CEO John J. Ray III gave testimony to back up comments he made to the New York Times last month about FTX being a “complete failure” the likes of which he hadn’t seen in two decades. Back in the day, Ray was chairman of […]
The Guy Who Saw Enron Through Bankruptcy Calls FTX the Worst He’s Ever Seen
If you aren’t familiar with him, John J. Ray III oversaw Enron’s liquidation many years back and now he’s stuck with the monumental task of unraveling FTX after the crypto exchange collapsed last week. @jonwu_ dug through FTX’s Chapter 11 First Day Affidavit so you don’t have to and in it, Mr. Ray has given […]
A Couple PwC Partners Have Been Quickly Assigned as Joint Provisional Liquidators of FTX
Kevin Cambridge and Peter Greaves of PwC were approved by the Supreme Court of the Bahamas as joint provisional liquidators of failed crypto exchange FTX. From the press release [PDF]: On 10 November 2022, the Securities Commission of The Bahamas (“the Commission”) applied to the Supreme Court to appoint Mr. Brian Simms, KC as a […]
For a Brief Time This Past Weekend, a PwC Twitter Account Was Promoting Crypto Scams
PwC Venezuela’s Twitter account was hijacked over the weekend and started pumping out links to an obvious crypto scam involving (legit) Ripple and its CEO Brad Garlinghouse. The website the scam tweets linked to — xrpgivtoday — was registered on September 3, 2022. You’ve probably seen similar scams all over Twitter, usually involving Elon Musk […]
Should Cryptocurrency Consulting Be the Next Phase in Your Accounting Career?
Think the hype over cryptocurrency has reached its fever pitch? Think again—the crypto craze has only just begun. Businesses are increasingly viewing cryptocurrency as a viable investment. New tokens are gaining steam, and Bitcoin, the OG crypto cash, continues to trade at a frenzied pace. More than 200,000 Bitcoin transactions occur every day, and investors like […]
The AICPA’s Twitter Totally Got Hacked by Bitcoin Scammers
So, I’m the first to admit I don’t know shit about blockchain, nor do I care. But I do know that public accounting firms are anxious to appear far more tech savvy than lil’ ol’ me and have been wasting a lot of time and effort talking about the transformative powers of blockchain. We’ll include […]
IRS Reminds Everyone to Report Their Crypto Trading Income and If You Don’t, Hey, Maybe You’ll Go to Jail
As we’ve discussed, some cryptocurrency traders have only recently learned that taxes are a thing. To make matters worse, some traders who made a lot of money wound up fully back in the market only to find themselves holding positions that now have huge paper losses. This situation is precisely the worst possible one to […]
Some Cryptocurrency Traders Opting for ‘Screw It’ Tax Compliance Approach
Here’s an amusing New York Times column by Kevin Roose that features a rafter of cryptocurrency traders distressed about their tax situations. As we noted earlier this year, some crypto traders got mad/sad upon learning that taxes were a thing they had to deal with. And according to Laura Walter, aka Crypto Tax Girl, some […]
Cryptocurrency Traders Learning That Taxes Are a Thing
Here’s an amusing MarketWatch story by Shawn Langlois on how cryptocurrency traders, presumably having no concept of income, are all bent out of shape about the taxes they owe on their trading gains. The lead kvetcher, latex_man, posted a thread entitled “I just did my taxes and it turns out I lost almost everything” and […]