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Anndy Lian | Inter-Governmental Blockchain Adviser | Book Author | Investor | Board Member | Singapore
Pantera Capital founder faces tax probe over $850M crypto profits: Report

Dan Morehead, founder and managing partner of crypto investment firm Pantera Capital, is reportedly under investigation for potential federal tax law violations after moving to Puerto Rico, a well-known tax haven.

In a letter received on Jan. 9, the US Senate Finance Committee (SFC) requested information on over $850 million in investment profits Morehead earned after relocating to Puerto Rico in 2020.

Morehead “may have treated” these profits as exempt from US taxes, according to a Jan. 9 letter from Senator Ron Wyden seen by The New York Times.

According to the letter, the SFC was investigating tax compliance among wealthy Americans who moved to Puerto Rico and may have improperly applied a tax break to avoid paying taxes on income earned outside the island.

“In most cases, the majority of the gain is actually U.S. source income, reportable on U.S. tax returns, and subject to U.S. tax,” the letter reportedly states.

“I believe I acted appropriately with respect to my taxes,” Morehead said in a statement, adding that he moved to Puerto Rico in 2021.

Pantera Capital, founded by Morehead, was the first cryptocurrency fund in the US and has seen its initial investments grow by more than 130,000%, he wrote in a blog post on Nov. 26, 2024.

Morehead launched Pantera Bitcoin Fund in July 2013, making a lifetime return of more than 1,000 times the return on its first Bitcoin purchase at $74, he said. He added that 1% of financial wealth hadn’t come across Bitcoin at the time.

Pantera Capital holds over $5 billion worth of assets under management, with over 100 venture investments and 47% of its capital invested outside the US, according to the company’s homepage.

Crypto taxes attract regulatory attention worldwide

The investigation into Morehead comes amid increased regulatory scrutiny of cryptocurrency taxes. In June 2024, the Internal Revenue Service (IRS) issued a new rule requiring US crypto transactions to be subject to third-party tax reporting for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

Related: Javier Milei-endorsed Libra token crashes after $107M insider rug pull

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

 

Source: https://cointelegraph.com/news/pantera-capital-founder-tax-investigation-crypto

The post Pantera Capital founder faces tax probe over $850M crypto profits: Report appeared first on Anndy Lian | Inter-Governmental Blockchain Adviser | Book Author | Investor | Board Member | Singapore by Anndy Lian.

These are five crypto coins that Elon Musk holds , number five will shock you all

Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, has long been associated with cryptocurrencies. His tweets and public statements have moved markets, earning him the nickname "The Dogefather." But what crypto coins does Elon Musk hold, and why? Let’s dive into the details.

1. Bitcoin (BTC)

Elon Musk first publicly embraced Bitcoin in 2021 when Tesla announced a $1.5 billion investment in the cryptocurrency. Although Tesla later sold most of its Bitcoin holdings, Musk has confirmed that he personally still owns Bitcoin.

Why Bitcoin?
Bitcoin is the king of crypto, with unparalleled market dominance. Musk views it as a store of value, akin to "digital gold."

2. Ethereum (ETH)

Ethereum, the second-largest cryptocurrency by market cap, is also part of Musk’s portfolio. This was revealed during his appearance at "The ₿ Word" conference in 2021.

Why Ethereum?
Ethereum's smart contract capabilities make it the backbone of DeFi, NFTs, and many innovative blockchain applications. Musk sees it as a significant player in the crypto space.

3. Dogecoin (DOGE)

Dogecoin is Musk's favorite cryptocurrency, and he’s made no secret of it. From calling Dogecoin "the people's crypto" to promoting its use for payments at Tesla and SpaceX, Musk’s support has been a game-changer for DOGE.

Why Dogecoin?
Musk appreciates its fun and meme-inspired origins but also believes in its potential as a medium of exchange due to its low transaction fees and active community.

4. Other Possible Holdings

While Musk has confirmed his Bitcoin, Ethereum, and Dogecoin holdings, speculation abounds about other coins he might own or influence:

Shiba Inu (SHIB): Although Musk has denied owning SHIB, his tweets about "Floki" and other dog-themed coins have caused significant market movements.

Floki Inu (FLOKI): Named after Musk's Shiba Inu dog, Floki Inu has gained attention, although there’s no evidence of Musk holding it.

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So, you want to know about the latest updates on Pi? Well, let me tell you - there's been a lot of buzz around it lately. *Pi Network* is finally transitioning from its Enclosed Mainnet to an Open Mainnet, which is a crucial step for enabling external exchanges to list and trade Pi Coin. Currently, Pi Coin is not listed on *Binance* for trading or services, but there are rumors that it might be listed soon

Recently, *OKX* announced plans to list Pi Coin on February 20, 2025, which has led to speculation about whether Binance will follow suit. While there's no official confirmation from Binance, industry insiders suggest that the exchange is closely monitoring Pi Network's progress and may consider listing Pi Coin once the Open Mainnet is fully operational ².

As for the price of Pi Coin, it's been quite volatile lately. Some predict that it could reach *$500* or even higher if the Pi Network ecosystem thrives, while others are more cautious and predict a price range of *$100-$200* within the first few months after its Binance debut

It's also worth noting that Pi Network has emphasized that any listings of Pi Coin on exchanges during the Enclosed Mainnet phase are unauthorized, and that interaction with third parties is "technically impossible.

Overall, it's an exciting time for Pi, and we'll just have to wait and see how things unfold.