Solana cryptocurrency assets lost due to hackers may be written off as taxes

The digital assets lost as a result of a cyberattack on the Solana ecosystem can be written off as tax expenses, according to the CEO of the Australian company CryptoTaxCalculator, Shane Brunett.

As it has become known, Australia, Canada, and the UK have tax provisions that allow declaring cryptocurrency lost due to hacking or exploitation as a taxable loss. «To claim capital gains for stolen cryptocurrency, you will need to provide evidence to the tax authorities that the digital assets are lost and belonged to you,» explained the head of tax at Koinly (Australia).

However, writing off lost cryptocurrencies as taxes does not work in the United States, due to the tax reform introduced in 2017.

As a reminder, 8000 wallets in the Solana network were affected by a cyberattack that is still being addressed. Representatives of the Solana ecosystem conducted their own investigation into the cyberattack on crypto wallets and found out the main reason for the large-scale hack — all because of the Slope app.

Interestingly, the value of Solana did not suffer much after the incident, despite the huge monetary losses of users. According to CoinMarketCap, SOL became the leader in the list of cryptocurrency trends on August 4. At the time of writing, SOL is trading at $ 40.07.