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Don’t Risk It: How to Report Your Crypto Income in 2025

Crypto activity is taxable in most major jurisdictions, but the how differs by country, asset type, and whether gains are capital or ordinary income. Below is a practical, source-driven guide for 2025 covering the United States, United Kingdom, Canada and China—what is taxed, where to report it, and common pitfalls to avoid.

Key principles that apply broadly

• Crypto is not “tax-free.” In the U.S., the IRS classifies digital assets as taxable; you must answer a digital assets question and report gains/losses or income even if you received no 1099.
• Multiple taxable events. Selling for fiat, swapping one coin for another, or using crypto to pay for goods/services are usually taxable events; mining/staking rewards are generally income on receipt. (See country specifics below.)
• Records matter. Keep date/time, cost basis, fair market value at disposal/receipt, and fees. Many countries require you to reconcile totals on capital gains schedules.

United States (IRS)

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A Story of How $6,800 Deposit Shocked Crypto Twitter (X)

A wallet beginning 0x6f90…336a has become the talk of Crypto Twitter after on-chain analysts showed the account exploding from US$6,800 in February 2024 to US$1.5 million in realised profit by late June 2025. The feat was first reported by Cointelegraph’s Explained desk and quickly corroborated by on-chain data trackers.

The Playbook: High-Frequency Market-Making on Hyperliquid
Unlike meme-coin moonshots or 100× perpetual-futures punts, this trader ran a delta-neutral, high-frequency market-making bot on the permissionless derivatives exchange Hyperliquid. Key attributes:

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Discover: Qubic’s Claim Puts Monero Under The Microscope

The Monero community is on high alert after Qubic—a project led by IOTA co-founder Sergey Ivancheglo (“CFB”)—said it has crossed the 51% hashrate threshold on the XMR network. If accurate, that would hand a single coordinated entity enough power to reorganize blocks, censor transactions, or attempt double-spends, the textbook definition of a 51% attack on a proof-of-work chain. The claim, first flagged in Qubic’s own updates and industry coverage, immediately sparked warnings from security researchers and market watchers.

How much hash is really in play?
Two datapoints help frame the risk window. First, independent monitors estimated Monero’s total hashrate around ~5 GH/s in recent days—meaning practical majority control would require something north of ~2.5 GH/s. Second, Qubic’s materials and media reports describe peaks near 2.7–3.0 GH/s, with fluctuations depending on when miners pointed rigs at the pool. When Qubic’s share clears the halfway mark, the ETH-style “finality” Monero users expect can’t be guaranteed without extra confirmations. (As of publication, hashrate is volatile and exact shares shift hour by hour.)

Reports of reorg concerns—and why they matter
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Don’t Risk It: Recover Crypto Passwords & Seed Phrases in 2025

Losing access to a wallet is a gut punch. The good news: in many cases there is a safe path back. The bad news: a lot of what’s advertised online—“guaranteed recovery,” “law firm reclaim services,” “send a fee to unlock your coins”—is predatory noise. This guide distills what actually works in 2025, with links to trustworthy documentation and warnings from regulators.

Step 0 — Identify your wallet type

• Custodial account (exchange app): A company holds your keys. You log in with email/2FA and can usually use account recovery (ID verification) if locked out. See help centers like Coinbase and Kraken for standard reset flows.
• Self-custody (non-custodial) wallet: You hold the private key. The 12/24-word seed phrase is the master key. Lose the seed (and any additional passphrase), and there’s no support desk to call. Cointelegraph’s primer on seed phrases is blunt: without the seed, access is generally irrecoverable.

TL;DR: Custodial = reset via the platform; Self-custody = restore from your backup. If you have neither seed nor passphrase, recovery is unlikely.

What actually works in 2025
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