Can You Write Off Crypto Losses On Your Taxes?

For the most part, crypto investors have taken a beating throughout all of 2022. Not only has the value of most cryptocurrencies dropped since the beginning of the year, but several major crypto platforms have filed for bankruptcy along the way.

Celsius was one of them, and investors took this one pretty hard. The Celsius platform was well known for offering some of the highest yields on crypto savings accounts for the last few years, which actually seemed too good to be true at the time. The company filed Chapter Bankruptcy in July of 2022 due to a $1.2 billion deficit in its balance sheet.