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Author Topic: ICO's and the taxation.  (Read 48 times)
Parksmat
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August 25, 2021, 03:43:03 PM
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Hello everyone. I have a question about initial coin offerings. I took a friends Financial advice and invested in some ico's on a initial subscription platform ( https://baizetrading.com)  the coin is called taoge. Invested at $2.20 and it is now approaching $20 a coin. It is apparently Frozen until August 30th where it will be released into the public market. I received an email from the trading platform yesterday requiring me to pay 7% tax before the coin goes public. Seems like such a huge red flag to me. Although I am very new at crypto, my feeling is I have been scammed from a trusted source. But before I lose any more money I figured I would ask.   Is this a normal thing to require tax before selling? Wouldn't they just automatically take their cut when you sell the coin? I am significantly out of my depth of knowledge here. Any information would be most appreciated. Thank you!
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August 25, 2021, 03:59:21 PM
 #2

I'd normally advise against investing in ICOs first off because they're more risk than they're worth. A company has a few days to overhype itself and then can just disappear or perform averagely after that.

However, paying tax on an ico isn't something that's really ever done. With the exception of the UK's 0.5% stamp duty, I haven't heard of any other company charging a similar rate and most leave tax filing up to the individual.

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August 25, 2021, 04:02:05 PM
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Huge ass red flag in my opinion, as I've never heard of such tax. It seems like it's just a way for them to siphon more money before the inevitable exit. How did you find out that the token is worth $20 per coin anyway? It's not even on CoinMarketCap.

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August 25, 2021, 04:02:17 PM
 #4

If you are not selling a coin, there should not be any tax to be paid, if tax is to be paid, it should be from the profit you make from the coin. This is just a scam if they are demanding money from you to be paid for tax. I do not think there should be tax paid also for ICO earning, even if, it will depend on the country you are from, if your country is not demanding for crypto taxes, you should also know from there that it is nothing but a scam.

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August 25, 2021, 04:07:37 PM
 #5

https://baizetrading.com/h5/#/pages/market/index

This is where i was directed by my friend to invest. A very professional-looking website.  It has a graph of all the different currencies available. Looked legit to me with my rookie knowledge.

I appreciate the input. Definitely not sending them anymore money!
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August 25, 2021, 05:24:03 PM
 #6

I invested in ICOs. But there are many risks to investing in ICOs. But I have never seen them claim taxes. Fees are deducted when they are allowed to sell in the market. But you don't have to pay any extra taxes. If this is your case then this is one of the hack tokens. Get rid of the leve to get rid of it.

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August 25, 2021, 05:43:12 PM
 #7

I never heard of investing in ICOs and pay tax. I did some research about the trading platform but what i found is that the website popularity is poor and the score is medium. Maybe you mean is a fee to pay for selling the taoge on their platform. A scam site may look like a real one and those graphs or whatever it is that show about cryptocurrency can be made base on the real one. For example, I have a trading platform and the listed crypto's prices is based on other site and you may see it like there is a transaction made but it's not. Take note, receiving the token doesn't need you to pay taxes or fee. The other party will pay for it and what you need to pay is the transfer fee.

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August 25, 2021, 05:46:47 PM
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A very professional-looking website.  It has a graph of all the different currencies available. Looked legit to me with my rookie knowledge.
That's very easy to create and is not a criteria to judge a platform that is legit.
For future purposes, do not invest based on rookie knowledge. Putting hard earned money into any venture us a huge undertaking, with lots of risk;
• Only invest in what you understand,
• Only invest amounts you can afford to lose,
• Do not invest based on someone else's research, Do Your Own Research.

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August 25, 2021, 06:17:47 PM
 #9

The arguments are all too familiar: Invest, see a virtual increase of some unknown something or other, only to be asked for more before allegedly releasing your funds.

There are a few captures of the website on TheWayBackMachine, such as this one from September 2019:
https://web.archive.org/web/20190903170037/https://baizetrading.com/

The site is complete different, the sections are too (if you hover over the links, you’ll see the link with descriptive names in English as opposed to de default Chinese). By the looks of it, I’d say that the current domain users are running on a deliberately aged domain to give it the appearance of being old. They may have simply bought it and changed the content. The actual site captures for the site on TheWayBackMachine for the 9th of June 2021 render basically a blank screen, which could be a further indicative of my hypothesis.

Parksmat
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August 25, 2021, 06:22:12 PM
 #10

I am normally an extremely doubtful person when it comes to these online scams but since it came from somebody I know and talk to I was stupidly trusting them I guess. You all make extremely excellent
points. And I definitely appreciate the feedback Grin
I'd luckely did not invest to the point where I'm going to bankrupt myself. A month or two of work and I can recover lost profits but it still is a little bit of a stinger!
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August 25, 2021, 06:22:34 PM
 #11

OP, sorry for your loss, you are deceived here and don't send any more money there.

A very professional-looking website.  It has a graph of all the different currencies available. Looked legit to me with my rookie knowledge.
That's very easy to create and is not a criteria to judge a platform that is legit.


in my experience, this is not so professionally-looking done. I found some illogicalities here.

In footer they say "Global Crypto Exchange Copyright © 2010-2021" even domain is registered in 2017
https://whois.domaintools.com/baizetrading.com
Code:
Dates 1,638 days old
Created on 2017-03-01
Expires on 2022-03-01
Updated on 2021-05-30

although they are very professional, they still have a "happy new year" banner.



In the end, they offer very high rates of return on investment. many will agree with me that this is an obvious scam and should be avoided link
for example:
USDT Profit 5.00%, TAOGE Profit3.00% 3 Day(s)
USDT Profit 26.00%, TAOGE Profit 24.00%, 15 Day(s)



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