IRS Adamant on Seeking Access to Bitcoin User Data in Coinbase Case
A "John Doe" summon is an order that does not specifically identify the person but rather identifies a person or ascertainable group or class by their activities. A Coinbase customer had filed a motion earlier this month seeking to block the Internal Revenue Service (IRS) from issuing a “John Doe” summons to the Bitcoin exchange. The IRS has now responded to the motion by asking the court to dismiss it and to allow the tax agency to proceed with its summons. The IRS response was filed on December 27, 2016. A “John Doe” summon is an order that does not specifically identify the....
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Coinbase officially entered the fray in a court case over its user records earlier this month – and now the IRS is fighting back. In a 25th January court filing, lawyers for the US government argued that the San Francisco-based startup has no standing to intervene in the so-called "John Doe" summons case, through which the IRS is seeking bitcoin user records in a bid to identify potential tax cheats. The case, which saw Coinbase customer Jeff Berns file his own intervention effort late last year, has drawn harsh criticism from digital currency advocates amid accusations of....
An effort by the US Internal Revenue Service to obtain user records from digital currency exchange Coinbase may take months to resolve. The IRS filed a petition last week in federal court, seeking court approval to subpoena data on customers who bought or sold bitcoin from Coinbase during the period between December 2013 and December 2015. Court filings indicate that no significant action is expected until mid-February. An initial case management conference has been scheduled for 16th February in San Francisco, with 26th January being the last day the two sides could meet to hammer out a....
The Nasdaq-listed cryptocurrency exchange Coinbase has disclosed that at least 6,000 users were victims of a hacking campaign to gain unauthorized access to the accounts of Coinbase customers. The hackers also took advantage of a flaw in Coinbase’s SMS Account Recovery process to gain access to user accounts. Cryptocurrencies of at Least 6,000 Coinbase Customers Stolen by Hackers Cryptocurrency exchange Coinbase reportedly informed over 6,000 customers this week that their accounts had been compromised and funds were removed. A copy of the letter is posted on the website of....
The Internal Revenue Service (IRS) is seeking access to user records held by bitcoin and ether exchange Coinbase as part of a taxpayer investigation. The US tax agency filed a petition in the District Court for the Northern District of California on 17th November asking for permission to serve a summons to Coinbase over user information, court records show. The targets of the investigation are not directly named, but are rather referred to as a group of "John Does" who are believed to have avoided or failed to have paid taxes on transactions involving digital currencies. Now, it....
An attempt by the IRS to obtain user records from digital currency exchange Coinbase just got more complicated. Court documents filed in the District Court for the Northern District of California this week show that lawyers for the California-based startup have filed to officially intervene in the case. The US Internal Revenue Service (IRS) launched its case in late November, seeking court approval for a subpoena that would allow it to obtain information on US users (and, in its eyes, potential tax cheats) who used the service between 2013 and 2015. A month later, Coinbase customer Jeffrey....