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Quote from: NAPK1NS_RA3 on April 11, 2024, 07:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Well, its because the amount of taxes to be paid is not a joke, meaning the taxes will be determined by the amount you will cash out, so the higher the amount of money you will cash out, the higher the tax to be paid also. But the thing is, if the OP will sell its funds into an exchange, I don't think there will be a tax, maybe a fee, in order to sell that huge amount of funds into a specific currency, so don't bother with the tax because there will be no such thing as that if you will use an exchange, for example, Binance. But of course, it will be very hard to sell or convert a very huge amount of funds at once, so maybe partition it, to also avoid suspicions from exchange owners or security. That's the beauty of using an exchange in order to sell your funds into another currency without worrying about taxes.

Well that could actually work. If he's determined to evade taxation then using an exchange would be a very nice option, but I'll advice that the OP chose a very trusted DEX rather than a CEX. DEXs are a lot more trustworthy when it comes to comes to funds of such magnitude. And you're also right about selling the whole amount all at once because that's a lot of money and selling or converting it all at once might raise suspicions. Even if the exchange itself doesn't raise a red flag, there could be serious concerns with banks or financial institutions handling the transaction.
But then again,, why don't you just leave the money in your wallet, it'll be alot more safer there than in the bank.